April 26, 2019 / 10:47 AM / 3 months ago

Turkey's TEB Asset Management buying all shares of peer ING

ISTANBUL, April 26 (Reuters) - Turkey’s TEB Asset Management said on Friday it is buying all of the shares of ING Asset Management, a subsidiary of ING Bank.

TEB Asset Management’s chief executive Selim Yazici said he expected the two companies’ combined asset size, which stood at 9 billion lira ($1.52 billion) in the first quarter of 2019, to increase after the purchase. ($1 = 5.9389 liras) (Reporting by Ebru Tuncay Writing by Ali Kucukgocmen Editing by Jonathan Spicer)

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