Sabah - Qatar National Bank (QNB) announced the acquisition of 99.81 percent of shares in Finansbank, a major lender in Turkey with 647 branches and more than 13,000 employees.
QNB, the Gulf nation’s largest bank, agreed to pay EUR 2.75 billion to the National Bank of Greece, the current owner of Finansbank. The deal, expected to be completed by mid-2016, is subject to approval by Turkey’s regulatory authorities.
A crisis-tested financial system and a profitable banking sector have encouraged many new lenders to enter Turkey in recent years.
Another Qatari bank, Commercial Bank of Qatar (CBQ), acquired majority stakes in Alternatif Bank or Abank, in 2013, becoming the first Qatari lender operating in Turkey. Burgan Bank of Kuwait, which acquired Eurobank Tekfen for USD 349 million in 2012, and Bank Audi of Lebanon, which operates in Turkey under the name of Odeabank after receiving its banking license from Turkey’s regulatory authority in 2011, are among the entrants to Turkey’s highly lucrative banking market from the Middle East region.