Papara is acquiring T-Bank!

Turkey’s global financial technology organization Papara has reached an agreement with T-Bank's 50-50 shareholders, BankMed and Arab Bank.

It is estimated that Papara has signed the sales agreement to acquire 100 percent of T-Bank's shares and that an announcement will be made in the near future.

About Papara:

It has approximately 14 million users. Its current features include shopping domestically and internationally, sending and receiving money, receiving promotional payments as you spend (Cashback), paying bills, purchasing insurance, selling game and digital codes, making donations, topping up Istanbulkart balances, selling Milli Piyango coupon codes, etc.

Founder Ahmed Faruk Karslı transferred his position on the board of directors to Emre Kenci as of April 2022.

About T-Bank:

The bank was established in 1985 as the Istanbul Branch of the Bank of Bahrain and Kuwait, and continued its existence as an independent institution under the name Bahreyn ve Kuveyt Bankası A.Ş. in 1991. Its name was changed to Garanti Yatırım ve Ticaret Bankası A.Ş. in 1992, and it became MNG Bank A.Ş. in 1997.

As a result of the negotiations, Arab Bank and BankMed acquired 91% of MNG Bank A.Ş. shares in 2006. The sale was approved by the decision of the Banking Regulation and Supervision Agency (BDDK) dated December 29, 2006. The share transfer was completed as of January 2007, with Arab Bank owning 50% of the shares and BankMed owning 41%. On April 3, 2007, the bank's name was changed to Turkland Bank A.Ş., abbreviated as T-Bank.

With the decision of the Extraordinary General Assembly held on February 17, 2020, it was decided to increase T-Bank's capital from 650 million TL to 1 billion TL. T-Bank's current ownership structure became as follows: BankMed 50%, Arab Bank 50%.

News Source: 12punto