Source: Dunya Online; HSBC's Turkish subsidiary buys Benkar and Advantage Card; Aug 8th, 2002


HSBC Holdings PLC's Turkish subsidiary HSBC Bank AS has agreed to acquire Benkar Tuketici Finansmani ve Kart Hizmetleri A.S. and the Advantage brand from Boyner Holding A.S. for up to 75 mln usd. According to terms of deal, HSBC will acquire 100 per cent of the issued share capital of Benkar together with all of its assets and operations.


The bank added that it and Boyner Holdings have also signed a commercial co-operation agreement under which BOFIS, a newly established subsidiary of Boyner Holding, will manage the Advantage programme as agent for HSBC and provide consultancy services to HSBC for Advantage merchant relations, loyalty programmes and marketing for five years. Part of the sum will be subject to the achievement of certain pre-agreed performance targets in the next five years, the bank said.


Advantage Card is the largest card organisation in Türkiye, with 288 participating merchant firms, acceptability at 5,000 points-of-sale and over 1.5 million cardholders.


The purchase, which is subject to regulatory approval, is expected to be closed by early September.


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