(MENAFN- Khaleej Times) Commercial Bank of Qatar (CBQ), a leading Qatar-based international banking group, recently announced the completion of its acquisition of a 70.84 per cent shareholding in Alternatifbank (ABank) in Turkey from Anadolu Endustri Holding (Anadolu).
The completion follows regulatory approval from the regulators in Qatar and Turkey. Commercial Bank announced its intention to acquire a majority stake in ABank in March 2013. As part of the transaction, Commercial Bank will launch a mandatory tender offer to acquire the 4.16 per cent of ABank's shares that remain in the public domain. Details of the tender offer will be announced in due course.
The transaction is based on two times book value at June 30, 2013 and expands Commercial Bank's international footprint to four regional markets. Anadolu will retain a 25 per cent stake in ABank, in addition to board representation.
Abdullah Bin Khalifa Al Attiyah, chairman of Commercial Bank said: "As the trade and economic links between the GCC countries and Turkey grow ever stronger, and corporates become more active in their cross border activities between the two markets, we feel the timing for our entry into the Turkish market is right."
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