ONB Group, a leading financial institution in the Middle East and Africa, recently completed the acquisition of 99.81 per cent stake in Finansbank AŞ of Turkey.
The acquisition of one of Turkey’s leading banks allows the company to enter the Turkish market and benefit from the rapidly developing trade between Turkey and the Middle East in general, and with Qatar in particular, a press release said.
Finansbank is the 5th largest privately owned universal bank in Turkey by total assets, customer deposits and loans. With a nationwide distribution network of over 620 branches and more than 12 thousand employees, it has more than 5.3 million active customers. The bank has $32.0 billion of assets, $21.8 billion in loans and $17.3 billion in deposits and total equity of $3.8 billion.
Ali Ahmed Al-Kuwari, QNB Group’s chief executive, said: “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.”
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 press release added.
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.
QNB Group currently owns 99.81 per cent of Finansbank and will launch a Mandatory Tender Offer (MTO) in Turkey for the remaining 0.19 per cent. –TradeArabia News Service
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