Oyak: Turkish delight

Private equity seems an unlikely bidder for Oyak Bank, a Turkish banking group. Buyout groups usually avoid investing in banks, because banks are already loaded up with debt and heavily regulated. Private equity has also traditionally steered clear of emerging markets, such as Turkey, where the political and financial risks make it hard to do leveraged deals. But this doesn’t seem to put off Texas Pacific Group, which is considering a bid for Oyak in conjunction with US financier Chris Flowers. ...