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.
