Last checked at 3 Jul 2013 07:19
For Immediate Release
COMMERCIAL BANK OF QATAR RECEIVES REGULATORY APPROVALS FOR ACQUISITION OF ALTERNATIFBANK IN TURKEY
Doha, 3 July 2013 - Further to the announcement on 18 March 2013, Commercial Bank of Qatar ("Commercial Bank" or "the Bank") has received regulatory approvals from the Banking Regulation and Supervision Agency and the Capital Markets Board of Turkey for the acquisition of a 70.84% shareholding in Alternatifbank A.S. ("ABank") from Anadolu Endustri Holding A.S. ("Anadolu"). Hereafter, the transactions related to the share transfer will be conducted as legally required and announced to public when completed.
His Excellency, Abdullah Bin Khalifa Al Attiyah, Chairman of Commercial Bank, commented: "This is a very exciting milestone for Commercial Bank and we warmly welcome this decision by the regulators to approve this transaction. The Turkish market represents an excellent opportunity both for our Bank, as well as for our customers in the GCC, as the trade and investment links between the two regions continue to expand".
Andy Stevens, Group Chief Executive Officer of Commercial Bank, added: "We look forward to formally welcoming Alternatifbank to the Commercial Bank Alliance and to building on our objective to drive profitability by serving as a conduit for business between Turkey and the Gulf and exploring revenue and cost synergies."
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For more information, please contact:
Qatari media International media
Mona Abdallah Neil Doyle
Head of Corporate Communications FTI Consulting
Commercial Bank Tel: +44 20 7269 7237 or +44 777 1978 220
Tel: +974 4449 0169 Email: neil.doyle@fticonsulting.com
Email: m.abdallah@cbq.qa
Notes to Editors
About Commercial Bank
Commercial Bank has total assets of QAR 85.6 billion as at 31 March 2013. As a full service commercial bank, the Bank offers a full range of corporate, retail and investment banking services as well as owning and operating exclusive Diners Club franchises in Qatar and Oman. The Bank's countrywide network includes 28 full service branches and 165 ATMs.
Profitable every year since incorporation in 1975, continual investment in technology and human capital, together with a strong capital base, provides a solid foundation for continued growth. A successful diversification strategy has expanded Commercial Bank's GCC footprint through strategic partnerships with associated banks, the National Bank of Oman (NBO) in Oman and United Arab Bank (UAB) in the UAE. NBO, the second largest bank in Oman with total assets of OMR 2.7 billion as at 31 March 2013, has 66 branches in Oman and 1 branch each in Egypt and in Abu Dhabi. UAB is headquartered in Sharjah, with total assets of AED 17.0 billion as at 31 March 2013, and operates 18 branches across the emirates in the UAE.
Commercial Bank enjoys strong credit ratings of (A) from Fitch, (A1) from Moody's and (A-) from Standard & Poor's. The Bank is listed on the Qatar Exchange and was the first Qatari bank to list its Global Depository Receipts (GDRs) as well as bonds on the London Stock Exchange. Additionally, Commercial Bank's Swiss Franc bond issuance in December 2010, listed on the SIX Swiss Exchange, was the first public bond issuance by a Qatari bank in Switzerland.
The Bank is dedicated to supporting Qatar's community and social infrastructure through Corporate Social Responsibility programmes and sponsorship of various events. Title sponsorship of the Commercial Bank Qatar Masters and the Grand Prix of Qatar Moto GP reflects the Bank's promotion of excellence in sports and its keen interest in enhancing Qatar's international sporting reputation. To reinforce Qatar's flourishing cultural environment, Commercial Bank is the strategic partner of the Katara Cultural Village. This collaboration symbolises the Bank's commitment to supporting cultural activities in Qatar and making the country a regional arts and cultural hub.
www.cbq.qa