Consumer IPOs from Snap to Uber have been disappointing and serve as a reminder that private investors are making all the money.Technologyread more
The company's comments Friday come after the White House said U.S.Trade Representative Robert Lighthizer will "address the threatened impairment" of national security from...Autosread more
China's currency has been an important barometer for progress in U.S.-Chinese trade talks, and right now it's signaling things aren't going well.Market Insiderread more
Apple CEO Tim Cook was the commencement speaker at Tulane University Saturday. In his speech, the tech executive focused on the importance of addressing climate change and...Power Playersread more
Amazon's large and flashy investments stand out from those of its tech peers over the past year.Technologyread more
Some analysts see streaming services like Netflix becoming hindered by one of the things that made them so popular in the first place — binge watching.Entertainmentread more
There is a shortfall of cybersecurity workers that could reach as high as 3.5 million unfilled roles by 2021. A start-up called Synack provides crowdsourced security, and...CNBC Disruptor 50read more
Yardeni Research's Edward Yardeni recommends investing in U.S. companies with exposure to China.Trading Nationread more
CNBC and SurveyMonkey's latest small business optimism index echoes that sentiment, finding 52 percent of small businesses say it's harder to find workers today than it was a...US Economyread more
CNBC combed through Wall Street research over the last week to see which stocks analysts say have the best risk-reward.Marketsread more
Western Union is not panicking, but the delivery of money around the world is being upended, says CEO of upstart TransferWise. It broke into the $689 billion remittances...CNBC Disruptor 50read more
restructurings -sources@ (Adds quotes, details, background)
ISTANBUL, May 10 (Reuters) - Turkish banks told foreign investors they were in no rush to sell problem loans on their books, and were focused on restructuring them, three people present at a meeting discussing bad debt on Thursday in Istanbul told Reuters.
Deutsche Bank, Cerberus, Goldman Sachs, Bain and the European Bank for Reconstruction and Development (EBRD) attended the meeting on Thursday to discuss the possible sale of problem loans, the attendees said.
Economists have expressed concerns about the transparency of non-performing loans held by Turkish banks which surged after last year's lira crisis led to a sharp rise in the cost to borrowers of servicing foreign debt..
Several large Turkish companies, including Dogus Holding and Yildiz Holding, sought restructurings last year and Turkish Finance Minister Berat Albayrak last month promised a $5 billion injection for state banks and to take energy and construction loans off bank balance sheets via two new funds.
Turkey's banking sector had total loans outstanding of 2.5 trillion lira as of the end of March, 100 billion lira of which is being re-structured. Although the non-performing loan (NPL) ratio is 4.04% this is expected to rise to 6% by year-end and some analysts predict it could hit 8%.
Among Turkish financial groups, Is Bank, Akbank , Garanti Bank, Finansbank, Alternatifbank and Kuveyt Turk took part, along with some asset and portfolio management companies, attendees added.
But the banks see no need to sell Tier 2 loans yet because they are still receiving payments on them and the BDDK banking watchdog is helping restructurings, one attendee said.
"The banks have also applied to the BDDK to have fee and tax exemptions that are granted to asset management companies because they are going to have more restructurings."
Investors such as the EBRD are evaluating different ways to invest in loans which are not being paid and problem assets, another attendee said, adding that the EBRD had said there was very little information about these assets.
A fourth source who spoke to the foreign investors said they were interested in the "least problematic" assets.
"They are interested in companies such as tourism, exporters which have foreign currency income but have administrative problems. They are after assets right now, they are not after operating or managing yet," the source said. (Reporting by Ebru Tuncay and Can Sezer Writing by Ali Kucukgocmen Editing by Daren Butler and Alexander Smith)