CBQ aims to complete Alternatifbank deal by end-March



REUTERS

Published — Friday 18 January 2013

Last update 17 January 2013 11:41 pm

| نسخة PDF Print News | A A

DUBAI: Commercial Bank of Qatar (CBQ) expects to complete the purchase of a 75 percent stake in Turkey's Alternatifbank by the end of March, it said yesterday.
The Gulf state's third-largest bank by market value began talks in December with Anadolu Holding to acquire the stake, the latest example of Gulf lenders looking outside their home market for acquisition targets.
Alternatifbank has a current market value of $570 million, meaning the stake would cost the Qatari bank $427.5 million at market price.
The London Stock Exchange statement follows comments from Anadolu Holding Chairman Tuncay Ozilhan earlier this week, which said a deal should be completed by March 15.
CBQ's statement was issued to the London stock exchange, where it has depositary receipts listed.
Recent Qatari banks' strong interest in Turkey is likely to stem from the desire to diversify out of their home country's narrow economy, coupled with the lack of potential acquisitions in the Gulf region, Fitch Ratings said in a Jan 14 note.
Qatar National Bank, the Gulf state's largest lender, is interested in expanding into Turkey through acquisitions, its chief financial officer said on Wednesday, but had no firm targets currently.
It bid for Denizbank bank last year but lost out to Russia's Sberbank in the process.
Alternatifbank shares rose 2.5 percent on the Istanbul stock exchange at 1345 GMT. The shares have more than doubled in the last three months following reports of the potential stake buy.

What's happening around Saudi Arabia

JEDDAH: An African expat woman is being investigated for torturing her baby to death by pouring boiling water on her. The motive behind the vicious attack is unknown.The Board of Investigation and Prosecution in Jeddah has charged the woman with semi...
RIYADH: Over five million Overseas Filipinos Workers (OFWs), including more than one million in Saudi Arabia, observed “zero remittance day” on Friday, in protest against the random checking of boxes sent by them to their families back home by the Cu...
JEDDAH: Security authorities have arrested 45 people from different parts of the Kingdom for Daesh links in the past 10 days. Forty of the suspects, accused of terrorism, are Saudis. Others are 2 Yemenis, an Egyptian, a Palestinian, and a national of...
RIYADH: The Ministry of Health announced on Friday that two more people were infected with the Middle East Respiratory Syndrome (MERS) coronavirus. While no deaths were announced, the virus has already killed 26 people in just two weeks, from Aug. 16...
RIYADH: The government and courts have issued 35,010 penalties against citizens and expatriates for violating the country’s residency laws including fines and jail terms.Citizens and expatriates across the Kingdom were penalized for transporting, har...
JEDDAH: As international schools in the city gear up for the new academic session, some parents have requested that schools improve the quality of their classes in Islamic studies. Although the Ministry of Education has decreed that all international...

Stay Connected

Facebook