Sabah – Strong prospects of growth with high profits has brought yet another player into Turkey’s crisis-proof banking industry as the Commercial Bank of Qatar (CBQ) and Turkey’s Anadolu Endustri Holding have reached a deal for the takeover of 70.84 percent of stakes of Alternatif Bank (Abank) by the Qatari lender. 96 percent of shares of Abank are held by Anadolu Endustri Holding while the remaining 4 percent is traded publicly on the Istanbul Stock Exchange (ISE).
The deal was announced in a statement made to the Public Disclosure Platform of ISE on Monday by Abank. The Qatari bank will pay twice the amount of Abank’s book value by June 30, 2013, which was calculated to be TRY 585 million (USD 324 million) as of December, 31, according to the statement. The transaction value of the acquisition of 70.84 percent of shares as of today is estimated to be around USD 460 million.
As the third largest bank of Qatar, CBQ follows the footsteps of other Arab banks such as Burgan Bank of Kuwait, which acquired Eurobank Tekfen for USD 349 million late last year, and Bank Audi of Lebanon who operates in Turkey under the name Odeabank after receiving its banking license from the country’s regulatory authority in 2011.
According its chief representative in Turkey, another Qatari bank, Doha Bank, is evaluating its options for entering Turkey’s banking market in the near future.