Qatar Islamic Bank (QIB) and Turkey’s Bank Asya have reportedly ceased their exclusive negotiations over QIB acquiring a stake in the Turkish lender, as both parties failed to reach an agreed valuation.

Four sources close to the matter were quoted by Reuters as saying that the talks with QIB faltered after the banks failed to agree on a price.

One source close to the deal said, "Talks with QIB ended. Bank Asya is going through tough times since Dec. 17. They are in talks with Ziraat."

"They (QIB) couldn’t be seen to be overpaying for it as it’s a very sensitive issue in Qatar right now, especially for a Turkish bank asset," a senior Qatari banker with knowledge of the matter told Reuters.

Turkish state bank Ziraat Bank is expected to buy the stake in Bank Asya; however, the two banks have not officially started talks.

Earlier in March, QIB said that it had entered into exclusive talks to purchase a certain equity stake in Asya without elaborating further on the deal.

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By GlobalData