According to the news site, Intesa Sanpaolo’s supervisory board gave the green light for its chief executive Corrado Passera, to make a binding offer for ownership of the Turkish bank.
Citing Italian newspaper Il Messaggero as a source, Reuters reported that the consideration could amount to E1.1 billion for Oyak Bank.
In 2004, Intesa Sanpaolo attempted to enter the Turkish banking sector when it tried to acquire Garanti Bank, but failed, Reuters revealed.
