U.S. warns Turkey against selling Adabank to Iran, Star reports

Bloomberg: The U.S. government warned Turkey against selling Adabank AS to an Iranian bidder after reports a bank from the country was interested in the lender, Star reported.

By Mark Bentley

Oct. 25 (Bloomberg) — The U.S. government warned Turkey against selling Adabank AS to an Iranian bidder after reports a bank from the country was interested in the lender, Star reported.

Adabank, controlled by a fund managing failed banks, should not be sold to Iran because of sanctions in place against the Islamic regime, the U.S. told Turkey, according to the Istanbul- based newspaper. Washington is closely watching the sale process, it said.

Standard Chartered Plc, a Bahrain-based fund and Israel’s Bank Hapoalim BM are interested in Adabank, which the government plans to sell on Nov. 24, Star said. The minimum price set for the sale is $90 million, it said.