Qatar Islamic Bank (QIB) has reportedly terminated its exclusive negotiations with Turkey-based Islamic lender Bank Asya over purchase of a stake in the bank.

Both companies did not disclose the reasons behind the fall out of discussions.

Earlier this year, the Turkish lender tried to establish a partnership with QIB but sources close to the matter told Reuters last month that QIB and Bank Asya had ended the talks after they failed to reach a convenient pricing.

In a filing to the Istanbul Stock Exchange, Bank Asya said that the exclusivity deal with QIB, under which Bank Asya could not pursue an offer from another potential buyer, was terminated as of 8 August, so it could receive formal bids from other Turkish investors.

Deputy Prime Minister Ali Babacan was quoted by Reuters as saying that state-run Ziraat Bank, which is looking to launch its own Islamic banking unit, could buy Bank Asya, but an advisor to Prime Minister Tayyip Erdogan later denied such a plan.

Ziraat Bank is seen as the most likely partner for Bank Asya but the two banks have not formally started negotiations, sources familiar with the matter told the publication last month.

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By GlobalData