Intesa Sanpaolo to make offer for Turkey's Oyak

Italy's largest retail bank Intesa Sanpaolo (ISP.MI: Quote, Profile, Research approved on Tuesday plans to make an offer for Turkey's Oyak Bank, seen as one of the last opportunities to get into the country's growing retail banking sector.

Intesa Sanpaolo's supervisory board gave its chief executive, Corrado Passera, permission to make a binding offer for control of the bank.

The statement issued by Intesa Sanpaolo on Tuesday did not elaborate, but Italian newspaper Il Messaggero reported earlier this month that the bank was preparing to offer 1.1 billion euros ($1.48 billion) for Oyak.

After a series of acquisitions by foreign banks, Oyak is one the sector's remaining takeover targets. Intesa Sanpaolo tried and failed to win Turkey's Garanti Bank (GRNYO.IS: Quote, Profile, Research in 2004.

Italian rival UniCredit (CRDI.MI: Quote, Profile, Research partly owns Yapi Kredi (YKBNK.IS: Quote, Profile, Research.

((Writing by Lisa Jucca and Gilles Castonguay, editing by Rory Channing; Milan newsroom +39 02 66129 695, elisabetta.jucca@reuters.com))

($1=.7413 Euro)

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