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QNB Group, a major financial institution in the MEA, says it has completed the acquisition of 99.81 percent stake in Finansbank AS in Turkey.
This transaction is described as a significant milestone in QNB Group’s strategy of international expansion.
With the addition of Turkey as a new market and one of the leading Turkish banks to its network, QNB Group further extends its international presence and will be able to increasingly benefit from the rapid development of trade and the strengthening of economic ties between Turkey and the Middle East in general and between Qatar and Turkey in particular.
This is also stated to reflect QNB Group’s confidence in the long-term prospects of the financial sector and economy of Turkey.
Finansbank is the fifth largest privately owned universal bank in Turkey by total assets, customer deposits and loans. The bank has organically grown into a major financial institution with a proven and experienced management team.
With a nationwide distribution network of over 620 branches and more than 12,000 employees, it has more than 5.3 million active customers.
As of March 31 March 2016, Finansbank has assets worth $32 billion, $21.8 billion in loans and $17.3 billion in deposits, and total equity amounted to $3.8 billion as per international financial reporting standards.
QNB Group’s CEO Ali Ahmed Al-Kuwari stated: “This transaction is a breakthrough in QNB’s vision to becoming a Middle East and Africa Icon by 2017.”
QNB Group currently owns 99.81 percent of Finansbank and will launch a mandatory tender offer (MTO) in Turkey for the remaining 0.19 percent.
Omer Aras, chairman and group CEO of Finansbank, said: “The acquisition signifies a thrilling milestone for Finansbank. We are extremely excited to enter into a new era and be part of the QNB Group.”