Qatar National Bank (QNB) has confirmed that it held preliminary negotiations to acquire Finansbank, the Turkish banking subsidiary of National Bank of Greece.
"Certain preliminary discussions have been held to date however no material developments necessitating respective disclosures have taken place," QNB said in a statement made to Qatar Exchange.
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"QNB will make the necessary disclosures to Qatar Exchange as required, which will represent the only official statements on this matter," the statement added.
Finansbank, which was set up in 1987, operates 654 branches and has a workforce of over 12,000. The bank was taken over by National Bank of Greece in 2006.
The move is part of QNB’s strategy to expand beyond its home market to widen margins and tap larger markets.
As part of this expansion strategy, QNB acquired a majority stake in Societe Generale’s Egyptian unit for $1.97bn in 2012.
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