$3bn acquisition to go ahead
Qatar National Bank (QNB), the GCCs largest, has received approvals from Qatar Central Bank and Turkeys Banking Regulation and Supervision Agency to acquire Finansbank.
The share transfer will take place when remaining regulatory approvals are received.
QNB agreed to acquire a 99.81 per cent stake in the Turkish bank for 2.7bn ($3.1bn) from the National Bank of Greece in December 2015.
Finansbank is the fifth-largest private bank in Turkey. In mid-2015, it had assets of $29bn, a loanbook worth $19.5bn and $14.6bn in deposits. It is rated Ba2 and BBB- by US-based Moodys Investors Services and UK-based Fitch Ratings.
QNB Capital and the US JP Morgan are joint financial advisors. The UKs Clifford Chance is acting as lead legal counsel and Yegin Çiftçi Attorney Partnership is the local legal counsel.
QNB Groups total assets reached QR539bn ($148bn) at the end of 2015, with profits that year of QR11.3bn.
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