QNB Group, a leading financial institution in the Middle East and Africa, has concluded its acquisition of 99.81% stake in Turkish lender Finansbank.
The Qatari lender agreed to acquire the stake from National Bank of Greece in a EUR2.7bn deal in December 2015.
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QNB said that it will launch a mandatory tender offer in Turkey for the remaining 0.19% stake in Finansbank.
The latest acquisition expands QNB’s reach to over 30 countries across three continents, boosting its network to 1,200 branches, and headcount to more than 27,300.
QNB Group CEO Ali Ahmed Al-Kuwari said: "This transaction is a breakthrough in QNB’s vision to becoming a Middle Eastern and African 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."
Finansbank operates with a nationwide distribution network of over 620 branches, and employs over 12 thousand staff. As of 31 March 2016, the bank managed $32bn in assets, $21.8bn in loans and $17.3bn in deposits and total equity worth $3.8bn.
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