İnterbank

İnterbank A.Ş is a defunct Turkish bank. Founded in 1888 in Selanik (Thessaloniki) as the Selanik Bankası T.A.Ş., it moved to Istanbul in 1912 and was renamed Uluslararası Endüstri ve Ticaret Bankası in 1969.[1] It was privatized in 1978, and renamed Interbank A.Ş. in 1990 after it was taken over by Çukurova Holding. Çukurova sold its majority stake to Cavit Çağlar's Nergis Holding in 1996. It was taken over by the government's TMSF on 7 January 1999, merged with Etibank, and went into liquidation on 2 July 2001.[1]

İnterbank
TypeBank
IndustryBanking
Founded1888
Defunct2 July 2001
HeadquartersIstanbul, Turkey
ProductsFinancial Services
ParentTMSF

In June 1999 prosecutors alleged that in 1998 Interbank had transferred over $650m to Nergis Holding companies - far in excess of legal limits for intra-group transfers.[2] The total amount owed by Nergis to Interbank was said to be over $1.1bn.[2] In 2004 Çağlar and others associated with Nergis were sentenced to three years ten months for bank fraud relating to Interbank.[3][4] He had initially been acquitted in 2002, but the government appealed, and reversed the acquittal.[5]

References
  1. Turkish Banks Association, Historical Data about Closed Banks - tbb.org.tr
  2. Turkish Daily News, Interbank Fraud Case Entangles Former Politicians
  3. Turkish Daily News, Former minister sentenced for bank fraud
  4. Turkish Daily News, 15 April 2005, Former minister Çağlar's sentence upheld
  5. Turkish Daily News, 5 December 2002, Caglar acquitted after four-year trial
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.