The commercial banking division was separated out in 1993 (from what would become Eti Mine Works), and privatised on 2 March 1998 to Medya İpek Holding A.Ş.,[2] co-owned by Cavit Çağlar and Dinç Bilgin, for $155m.
[3] The bank was sold to Bilgin's Medya Sabah Holding A.Ş.
[2] In 2011, Dinç Bilgin was sentenced to nearly five years in prison for financial irregularities relating to his ownership of Etibank.
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