Commercial Bank of Qatar (Commercialbank) has agreed to purchase a 70.84% stake in Turkey’s Alternatifbank (ABank) from Anadolu Endustri Holding, for two times the book value of ABank at 30 June 2013.
As of 31 December 2012, book value of ABank stood at TL585m ($328m).
Under the terms of the agreement, the acquirer will launch a public tender offer to buy 4.16% of ABank’s shares held in the public domain.
Pending receipt of relevant regulatory approvals, the transaction is likely to complete during the second half of 2013.
Commercialbank managing director Hussain Fardan said the acquisition represents a step in the execution of its international expansion strategy.
Following completion of the acquisition, Anadolu will retain a 25% stake in ABank and board representation, contributing to the management and development of the bank.
In order to boost its pan-GCC operations, Commercialbank acquired a minority stake representing 34.9% shareholding in National Bank of Oman in 2005 and 40% stake in United Arab Bank in the UAE in 2008.
Apart from this, the bank has teamed with many financial organizations and is currently looking to expand its footprint beyond GCC market.