Commercial Bank of Qatar (CBQ) has completed the acquisition of a 70.84 per cent stake in Turkish lender Alternatifbank (ABank) from Anadolu Endustri Holding.

CBQ announced its intention to acquire a majority stake in ABank in March.

As part of the transaction, the bank will launch a mandatory tender offer to acquire 4.16 per cent of ABank’s shares that are publicly traded. It will offer two times book value at 30 June for the transaction. Anadolu will continue to hold a 25 per cent stake in ABank.

In June, it was announced that CBQ will be raising the amount of its shares that can be sold to foreigners to 25 per cent of market capitalisation.