FINANCIAL NEWS

QNB to purchase Turkey’s Finansbank for USD2.95b

24 Dec 2015

(MENAFN) Qatar National Bank (QNB) will acquire Turkey’s Finansbank from National Bank of Greece for a total of USD2.95 billion as it steps up its search for bigger markets abroad.

Additionally, QNB, which is half-owned by Qatar’s sovereign wealth fund, has lately set out ambitions to become the biggest bank in the entire Middle East and Africa by 2017.

Moreover, Finansbank is the fifth largest privately owned bank by assets, deposits and loans in Turkey and has one of the highest capital adequacy ratios among all Turkish banks.

“This transaction is a significant milestone in QNB’s vision to becoming a MEA icon by 2017 and a leading global bank by 2030,” stated QNB’s Chief Executive officer.

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