Commercial Bank of Qatar CBQ) has agreed to buy a 70.8 percent stake in Turkish lender Alternatifbank, underscoring Gulf Arab lenders’ appetite to expand into Europe’s fastest growing economy.
CBQ, the Gulf state’s third-largest bank by market value, began talks in December with Alternatif’s parent Anadolu Holding for the purchase, seeking to extend its footprint outside the Gulf for the first time.
The deal is valued at $460 million based on Alternatif’s book value of $ 328 million at the end of December. The final price will be based on two times the Turkish lender’s book value as at June 30, 2013, CBQ said.
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Read more: http://www.arabnews.com/news/445315
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