Doha- Mubasher: Qatar National Bank (QNB) announced that it has completed the acquisition of a 99.81% stake in Turkey’s Finansbank A.Ş.
The deal is a significant milestone in the group’s international expansion strategy, said QNB in statement on its website.
“Turkey, with its significant market size, population, growth track record, strong economic and banking sector and strategic location as a gateway between Europe, Asia and Africa, represents such a market. We are very excited to be part of Turkey’s and Finansbank’s future development and further enhancing the overall connectivity with international markets and bring Finansbank to the next level as part of the QNB Group,” said QNB Group’s CEO Ali Ahmed Al Kuwari.
QNB currently owns 99.81% in the Turkish bank and it is to offer a mandatory tender offer (MTO) in Turkey for the remaining 0.19%.
QNB Group is considered the highest credit rated bank among international banks operating in Turkey. By adding Finansbank, the Group’s branches network has grown to be present in more than 30 countries and 3 continents around the world.
“More than 27,300 employees are working in more than 1200 locations, besides a wide network of 4300 ATMs, the bank stated.
