Multiple buyers are interested in buying a stake in Turk Telekom, the chief executive of a Turkish bank said.

Garanti Bank, which is headed by Ali Fuat Erbil, is one of three investors looking to take control of a 55 per cent stake in Turk Telekom owned by Otas.

Otas has not made repayments on debts for 18 months, reports said.

Adbank, Garanti Bank and Is Bank loaned Otas $1.5 billion, $1 billion and $500 million respectively, alongside 26 other finance houses which took the total to $4.7 billion.

The banking chief said he expects the situation would “become clear” in the second half of the year, Reuters reported.

Earlier this year, Ooredoo confirmed it had held talks about acquiring a stake Turk Telekom, but said these have not progressed to a firm offer. Saudi Telecom is another potential buyer, as it already holds a 35 per cent stake in Oger, the company which in-turn owns Otas.

Turk Telekom is an integrated fixed and mobile operator with 13.7 million fixed access lines, 9.7 million broadband lines and 19.6 million mobile subscribers as of 31 December 2017.