Qatar National Bank will acquire Turkish subsidiary of NBG

Qatar National Bank (QNB) will acquire Turkish subsidiary of National Bank of Greece (NBG) against 2.94 billion. Dollars, reports Reuters. This is one of the biggest deals abroad, carried out by the financial institution of the Persian Gulf. NBG, which is the owner of United Bulgarian Bank was forced to sell its Turkish unit Finansbank as part of the conditions for the recapitalization of the Greek banking sector by international creditors.
Turkish market
QNB, in which the main shareholder is the Qatari sovereign wealth fund, will finance the transaction for 99.81% of Finansbank own funds. “Turkey’s links with the region has increased in recent years, as trade with the Middle East and North Africa nearly tenfold from 5.6 billion. In 2000 to 52.2 bn. In 2014,” says Qatar bank official message. QNB reported that Finansbank is the fifth largest private bank in the Turkish market with assets worth 29 billion. USD loans 19.5 bln. Dollars and deposits of 14.6 billion. Dollars.
The transaction, which is expected to be finalized in the first half of next year, has already received approval from the boards of both banks and the Greek financial stability fund, which oversees the process restructuring local banks. In recent years, financially supported by the Qatari authorities, QNB has emerged as one of the most active banks seeking deals in the Middle East. Previous acquisitions the bank were in Africa, as long Turkish market was indicated by its leadership as an object of interest.