Qatar’s lender acquires 100 percent stake in Turkey’s ABank
ISTANBULThe Commercial Bank of Qatar (CBQ) has now become the sole owner of Turkey’s Alternatifbank (ABank) in a deal signed with Turkey’s Anadolu Group.
The Commercial Bank, which had 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, thereby becoming the sole owner of the bank, the companies said in a statement.
“The fact that ABank is now a 100 percent subsidiary of The Commercial Bank opens up opportunities for even greater collaboration and integration to ensure our businesses are aligned, create multiple synergies and deliver benefits that will be felt by all of our stakeholders in Qatar and Turkey,” said Omar Hussain Alfardan, CBQ Director and ABank Vice Chairman.
Commenting further on the issue, Joseph Abraham, CEO of The Commercial Bank, underlined that this investment, which started in 2013, demonstrated their confidence in the Turkish economy, banking industry and their commitment to ABank that has a history of quarter of a century.
“ABank is the third and the largest investment made by The Commercial Bank outside of Qatar. Our goal is to boost ABank’s share within the consolidated figures by leveraging the potential of the Turkish economy, as well as capture a share of the increasingly growing investments and trade flows between Qatar and Turkey,” he added.
Anadolu Group Chairman Tuncay Özilhan highlighted their harmonious partnership over the last three years since July 2013.
“Since the very first day of the initial share transfer, we have had a productive and successful cooperation with the valuable team of The Commercial Bank. We are now leaving ABank in safe hands, which we built with great efforts. I believe that ABank will continue to contribute to our national economy with its focused banking strategy and strong human capital,” Özilhan said.