Zawya Dow Jones/Doha
The Commercialbank of Qatar is looking to spend between $400mn and $500mn for a 75% stake in Turkey’s Alternatifbank in a deal expected to be completed by March, according to a person familiar with the matter.
The discussions were ongoing and details of the deal hadn’t been finalised, the person, who declined to identified, told Zawya Dow Jones yesterday.
Commercialbank late last month said it had opened talks with Anadolu Endustri Holding, a majority shareholder in Alternatifbank, to acquire a controlling stake in the lender which is listed on the Istanbul stock exchange.
Analysts at Arqaam Capital in a note yesterday said Commercialbank might raise fresh capital in 2013 as it expands. Last April, the bank raised $500mn from a five-year bond issue.
Cash-rich Qatari banks, aggressively expanding overseas, are keen to tap Turkey’s fast growing economy and vast population.
Last year, Qatar National Bank lost out in the race to buy Turkey’s Denizbank. But the lender in December reached an agreement to buy the Egyptian division of France’s Societe Generale.
CBQ shares closed 1.6% lower at QR72.90 yesterday.