Last checked at 18 Jul 2013 12:16
Commercial Bank completes majority stake acquisition in Alternatifbank in Turkey
18 July 2013, Doha, Qatar: Commercial Bank of Qatar ("Commercial Bank"), a leading Qatari based international banking group, today announced the completion of its acquisition of a 70.84% shareholding in Alternatifbank A.S. ("ABank") in Turkey from Anadolu Endustri Holding A.S. ("Anadolu"). The completion follows regulatory approval from the regulators in Qatar and Turkey. Commercial Bank announced its intention to acquire a majority stake in ABank in March 2013. As part of the transaction, Commercial Bank will launch a mandatory tender offer to acquire the 4.16% of ABank's shares that remain in the public domain. Details of the tender offer will be announced in due course.
The transaction is based on two times book value at 30 June 2013, and expands Commercial Bank's international footprint to four regional markets. Anadolu will retain a 25% stake in ABank, in addition to board representation.
**Ends**
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
About ABank
ABank was established in 1991. Commercial Bank became a majority shareholder in ABank in 2013 following the acquisition of 70.84% of ABank's shares from Anadolu Group. Anadolu Group remains a significant shareholder.
ABank is a mid-size Turkish bank that predominately serves medium-sized companies through a country-wide network of 69 branches in 25 cities (as of 30 June 2013). ABank provides commercial/corporate banking services and products, with a special focus on the growing segment of Small and Medium-Sized Enterprises. The Bank's main product ranges cover trade finance instruments, working capital finance, cash management, and portfolio management. The Bank has also recently made a strategic decision to re-enter Retail Banking, targeting "mass affluent segment" in terms of customer profile with tailor made products.
At the end of December 2012, ABank had total assets of TL 7.9 billion ($ 4.4 billion), total loans stood at TL 5.1 million, customer deposits of TL 4.2 million and shareholders' equity of TL 601 million.
http://wwweng.abank.com.tr/