Qatar’s QNB Group has agreed to purchase a 99.81% stake in Turkish lender Finansbank in a deal worth EUR2.7bn ($2.94bn).
QNB will acquire the shares from National Bank of Greece, which currently owns Finansbank.
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Finansbank currently operates with 647 branches and has over 5.3 million customers. The bank managed $29bn in assets, $19.5bn in loans and $14.6bn in deposits as of 30 June 2015.
The transaction, scheduled to close in the first half of 2016, will be financed through QNB’s own funds.
The deal has already secured the nod from both banks’ board of directors and the General Council of the Hellenic Financial Stability Fund, and is now subject to regulatory approvals and other customary closing conditions.
QNB Group CEO Ali Ahmed Al-Kuwari said: "This transaction is a significant milestone in QNB’s Vision to becoming a MEA Icon by 2017 and a leading global bank by 2030. Finansbank is a highly regarded financial institution with an impressive track record of success in Turkey, and we look forward to welcoming the personnel and management of Finansbank to QNB Group.
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By GlobalData"We also look forward to contributing towards Turkey’s future economic development and further enhancing its overall connectivity with international markets as an integral part of QNB Group’s global network."
