AMMAN, 8 September 2006 — The Arab Bank, one of the Arab world’s largest banking establishments, has acquired a 50 percent stake in Turkey’s MNG Bank in a bid to further boost its operations across the globe, the Arab Bank Chairman Abdul Hamid Shoman said yesterday.
The agreement was concluded on Wednesday and all related documents have been forwarded to the Turkish government for approval. “The deal is in line with the Arab Bank’s plans to expand its business interests on the regional and international levels,” Shoman said.
He also underlined the Arab world’s “solid economic and commercial relations with Turkey,” considered as a vital gateway to Eastern and Western Europe. “The deal reflects the importance of the Turkish market from the financial, banking and economic aspects.”
The Arab Bank Group conducts operations in more than 30 countries across the world. The step coincided with BankMed’s purchase of a 41 percent interest in MNG Bank. BankMed, owned by the Hariri Group, is one of Lebanon’s biggest banking institutions.
Chairman of BankMed Mohammad Hariri said that the new owners of MNG Bank would work to secure its prominent position, particularly in terms of financing small and medium enterprises. Founded in 1991, MNG Bank has a total of 11 branches in Turkey.
