Etibank A.Ş is a defunct Turkish bank. Founded in 1935 as a state bank focussed on financing the electricity sector, it launched commercial banking activities in 1955. The commercial banking division was separated out in 1993 (from what would become
Eti Mine Works Eti Maden is a Turkish state-owned mining and chemicals company focusing on boron products. It holds a government monopoly on the mining of borate minerals in Turkey, which possesses 72% of the world's known deposits. In 2012, it held a 47% share ...
), and privatised on 2 March 1998 to Medya İpek Holding A.Ş.,
[ co-owned by ]Cavit Çağlar
Cavit Çağlar (born 1944, Komotini, Greece) is a Turkish businessman and politician. He was elected to the Grand National Assembly of Turkey (TBMM) for the True Path Party (DYP) in 1991, serving as a Minister of State responsible for state-own ...
and Dinç Bilgin, for $155m. The bank was sold to Bilgin's Medya Sabah Holding A.Ş. in 2000. It was taken over by the government's TMSF
The Savings Deposit Insurance Fund of Turkey ( tr, Tasarruf Mevduatı Sigorta Fonu), a.k.a. TMSF in abbreviated form, is the governing body concerned with matters of fund management and insurance in the Turkish banking system.
The body was found ...
in October 2000, and Eskişehir Bankası T.A.Ş. and İnterbank A.Ş. merged into it on 2 July 2001. It was merged into the TSMF's Bayındırbank on 5 April 2002.[TBB]
Historical Data about Closed Banks - tbb.org.tr
In 2011 Dinç Bilgin was sentenced to nearly five years in prison for financial irregularities relating to his ownership of Etibank. Others were also convicted for their roles.['' Haberturk'', 17 April 2011]
Dinç Bilgin gets 4 years and 10 months behind bars for embezzlement!
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References
Banks established in 1935
Banks of Turkey
1935 establishments in Turkey
Companies based in Istanbul
Defunct banks of Turkey
2002 disestablishments in Turkey
Turkish companies established in 1935
Banks disestablished in 2002
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