Aksam – Turkey’s lucrative banking sector continues to draw foreign lenders looking to expand in a sound and consistently growing economy. Days after the country’s banking regulator approved the Bank of Tokyo Mitsubishi UFJ’s application to set up shop in Turkey, Qatar’s second largest lender, Commercial Bank of Qatar (CBQ), began talks to acquire stakes in Alternatifbank of Anadolu Endustri Holding, according to the latter’s statement made through the Public Disclosure Platform of Istanbul Stock Exchange (ISE).
“Anadolu Endustri Holding, the majority stake holder of Alternatifbank, has agreed to begin negotiations with CBQ for the sale of controlling stakes.” the statement read. The talks are expected to last 2.5 months, according to Tuncay Ozilhan, Chairman of Anadolu Endustri Holding. “The exact amount of stakes to be sold is yet to be determined; we will remain as a partner in the bank...” Ozilhan noted.
Anadolu Endustri Holding itself and subsidiaries hold 96 percent of the bank’s shares while the remainder is publicly traded on ISE.