QNB completes acquisition of stake in Finansbank

16/06/2016 06:51 AST

QNB Group, a leading financial institution in the Middle East and Africa, announced yesterday that it has completed the acquisition of 99.81 percent stake in Finansbank in Turkey.

This transaction is a significant milestone in QNB Group’s strategy of international expansion. With the addition of Turkey as a new market and one of the leading Turkish banks to its network, QNB Group further extends its international presence and will be able to increasingly benefit from the rapid development of trade and the strengthening of economic ties between Turkey and the Middle East in general, as well as between Qatar and Turkey in particular.

This also reflects QNB Group’s confidence in the long-term prospects of the financial sector and economy of Turkey.

Finansbank is the fifth largest privately owned universal bank in Turkey by total assets, customer deposits and loans. The bank has organically grown into a leading financial institution with a proven and experienced management team.

With a nationwide distribution network of over 620 branches and more than 12000 employees, it has more than 5.3 million active customers. As of 31 March 2016, Finansbank has $32bn of assets, $21.8bn in loans and $17.3bn in deposits and total equity amounted to $3.8bn as per International Financial Reporting Standards.

QNB Group’s Chief Executive Officer Ali Ahmed Al Kuwari (pictured) stated: “This transaction is a breakthrough in QNB’s vision to becoming a Middle East and Africa Icon by 2017. Our strategy is to focus on high-growth markets where we see a competitive advantage. 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”

The QNB Group currently owns 99.81 percent of Finansbank and will launch a Mandatory Tender Offer (MTO) in Turkey for the remaining 0.19 percent.

The Group’s presence with the recent inclusion of Finansbank now spans more than 30 countries across three continents providing a comprehensive range of advanced products and services. The total number of employees is more than 27,300 operating through more than 1,200 locations, with an ATM network of more than 4,300 machines.

Omer Aras, the Chairman and Group CEO of Finansbank said: “The acquisition signifies a thrilling milestone for Finansbank. We are extremely excited to enter into a new era and be part of the QNB Group, and this deal represents a perfect proof of Finansbank’s excellence and globally acknowledged standards. We believe that this acquisition will allow us to take Finansbank to a new level and offer exceptional services for our customers and stakeholders through the large international QNB network which we are now part of.”

QNB Group has steadily grown to be the biggest bank in Qatar and a leading financial institution in the Middle East and Africa region. It is considered the most valuable banking brand in the Middle East and Africa and is the highest rated bank among the international banks operating in Turkey.

The Peninsula