Abraaj Group acquires minority stake in Turkey’s Fibabanka

07/06/2016 07:02 AST

The Abraaj Group on Monday announced the acquisition of a minority stake in Fibabanka, a prominent bank in Turkey, through one of its funds.

The investment by the private equity firm will be used by Fibabanka to expand its franchise and support its growth, the group said in a statement.

The bank was acquired in 2010 by the Fiba Group, led by pioneer Turkish banker Hüsnü Özyegin. Fiba Group is a conglomerate operating mainly in financial services, retail, energy, health care and real estate with total assets of over $17 billion and annual revenues of $1.2 billion, The Abraaj Group said.

Fibabanka currently has 70 branches across 18 cities in Turkey with total assets of $4.3 billion and a loan book of $3.2 billion at the end of Q1 2016.

Arif Naqvi, Founder and Group Chief Executive of The Abraaj Group, said: “Abraaj’s partnership with Fibabanka marks our eighth global investment in the banking sector and our ninth in Turkey.”

“It represents a compelling opportunity to tap into the underpenetrated banking sector in Turkey where 40 per cent of the population remains unbanked and household leverage ratios are low as compared to Europe.”

Following its investment in Fibabanka, Abraaj will have deployed $900 million of capital in Turkey since 2007. Details of the deal were not disclosed.

Employing over 300 people, Abraaj has over 20 offices spread across five regions with hubs in Dubai, Istanbul, Mexico City, Nairobi and Singapore.


Gulfnews

News

Abraaj eyes $1bn Latin America investments in 5 years

19/06/2016

Abraaj Group, one of the largest private equity investors in developing markets, will double its assets under management in Latin America to about $1.5 billion over the next five years, said its regi

Trade Arabia

Abraaj keeps sights on emerging markets, clear of big LBO firms

19/05/2016

Abraaj Group, one of the largest private equity investors in developing markets such as the Middle East and Latin America, has no plans to expand into North America and Europe even as firms on those

Gulfnews

Abraaj plans $500m investment in African hospitals

12/05/2016

Dubai-based emerging market investment fund Abraaj will spend up to $500 million in start-up capital for a mid-tier hospital business in Africa, tapping into demand from the continent's emerging midd

Trade Arabia

Most Viewed Companies

Ticker Price Volume
SABIC 114.77 5,915,941

Top Related Companies

Ticker Price Change
GLOBAL 0.00 0.00 (0.00%)
MARIN 0.00 0.00 (0.00%)
AINV 0.00 0.00 (0.00%)
TII 0.00 0.00 (0.00%)
IIC 0.00 0.00 (0.00%)

Recent News

SABIC-MCC joint venture starts output

05/04/2018

SABIC announced the successful completion of the pilot operation of the Methyl Methacrylate Monomer (MMA) and Poly Methyl Methacrylate (PMMA) plants and the commencement of commercial operations.

Saudi Gazette

S&P affirms QIB rating at A-

05/04/2018

Standard & Poor’s (S&P) has affirmed QIB’s Issuer Credit Rating at A-, Qatar’s leading Islamic bank has said in a release. According to S&P, the major contributing factors strengthening QIB’s rating

Gulf Times

Qatar National Bank seeks growth in Southeast Asia

05/04/2018

Qatar National Bank (QNB) aims to increase its profit by 5-8 percent this year and loans and investments by 10-12 percent, helped by expansion into faster-growing Southeast Asia markets, its CEO told

The Peninsula

Doha Bank’s third Indian branch opens today

04/04/2018

Doha Bank has announced the official inauguration of its Chennai Branch, in the southern Indian state, will be held today. This is Doha Bank’s third city in India after its successful establishment o

The Peninsula

SHUAA to act as liquidity provider to Bank of Sharjah

04/04/2018

Bank of Sharjah said it has engaged SHUAA Capital International as liquidity providers for its shares and will commence the activity from April 4. SHUAA Capital International shall not hold more than

Gulf News

logo

Financial Information Co.

P.O. Box 69410, Riyadh 11547, Saudi Arabia

GCC Markets

Mutual Funds

News

Investment Tools

Sector News

Screeners

Indices & Commodities

Downloads

Copyright ©2001 - 2024, Financial Information Co. All Rights Reserved.

Terms of Services | Privacy Policy | Advertise with us | Contact Us | Sitemap