Qatari lender focuses on organic growth, adds new capital to Turkey: CEO
The Commercial Bank of Qatar (CBQ), which owns Turkey’s Alternatif Bank, plans to focus on organic growth in Turkey and to add more capital to their investment in the country, the group CEO has announced.
CBQ Group CEO and Alternatif Bank Deputy Chair Joseph Abraham said the group had made a nearly $1 billion investment in Alternatif Bank so far.
“Our $1 billion worth investment into Alternatif Bank has so far the largest investment by any Qatari private company in Turkey. We plan to add $300 million capital in an effort to boost our growth plan in Turkey,” Abraham said at a press meeting in Istanbul on March 6, as quoted by Reuters.
“We are focusing on organic growth in Turkey and we do not have any plans to acquire any assets right now,” he added.
The group, which acquired a 70.8 percent stake in the bank from Anadolu Group in July 2013 before increasing its shares to 75 percent with share buyback, bought Anadolu Group’s remaining 25 percent stake for $222.5 million at the end of 2016, thus becoming the sole owner of the bank.
“Qatar and Turkey are strategic partners. A blockade by the Gulf countries on Qatar has enabled these two friending countries to give a further boost to their bilateral diplomatic, cultural and economic relations. This opportunity combined with Turkey’s location that bridges the East and West, and the strong growth potential of the Turkish economy, means that we believe Alternatif Bank has an exciting future ahead,” said Abraham.
Alternatif Bank CEO Kaan Gür said the group set its five-year targets at the meeting, which was also held to launch Alternatif Bank’s new corporate brand, name and logo.
“We plan to transfer more know-how, competency and capital to the real sector and production sector in the upcoming period,” Gür added.
The bank was previously referred to as ABank but in line with the latest changes it will only be known as Alternatif Bank.