HSBC confirms bidding for Demirbank shareholding

HSBC Holdings (0005) confirmed that it participated in the bidding for the shareholding of a Turkey-based bank Demirbank and the bidding results would be released later.

Turkey banking authority confirmed that except HSBC Holdings, it has also received bidding letters from 3 financial institutions including Unicredito Italiano SpA, Oyak Banka and a local financial institution.

HSBC said in a statement that it is full of confidence in the long-term prospect in Turkey and hopes to expand local business in the country.

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