Istanbul: Commercial Bank’s nearly $1bn investment in Alternatif Bank is the “highest amount of investment to date” made in Turkey by Qatar’s private sector, said its managing director Omar Alfardan.
“Alternatif Bank has Commercial Bank’s full support. We have made a significant progress in terms of improving our collaboration and integration.
“We have already indicated we are committed to Alternatif Bank. We have grown up the bank substantially over the last five years since we have bought the stakes in Alternatif Bank,” Alfardan said in an interview with Gulf Times in Istanbul Tuesday.
“We are satisfied with the position of Alternatif Bank. Returns on investments in banks take a longer time. But we feel that we are achieving good returns and we see that we are paving the way forward for better returns in the future,” Alfardan said after formally opening Alternatif Bank’s new head office in Vadistanbul.
The new head office, Alfardan said, “is a reflection of our confidence in Turkey and Alternatif Bank".
“This building that we own, is in the heart of the most developing part of Istanbul,” Alfardan pointed out.
“For us, Alternatif Bank is a ‘pearl’, which symbolises the treasured friendship between the brotherly countries of Turkey and Qatar. Alternatif Bank will continue to create economic and social value for both the countries, thanks to its ambitious objectives, and the strong and determined steps taken in collaboration with Commercial Bank.
“We have always believed in the Turkish economy. We are saying it, we are committing to it. And we are planting the seeds for potentially very high growth.
“As Commercial Bank, we have continually increased our activities in Turkey since 2013. We see Turkey as an important investment destination for us, into the long term. We pay great attention to enabling trade and investment flows in synergy with Alternatif Bank.
“And we will continue to support them in difficult times of theirs. We feel it is a wave of correction in the market, whether it is a decline in the Turkish lira, or a correction in certain markets in the property.
“But we believe these are opportunities, which we should benefit from. And we have capitalised Alternatif Bank very well — to be ready in the new wave of uplift.”
Earlier, addressing the new head office opening ceremony, Alfardan said: “As part of the strengthened strategic collaboration between our two nations, which have stood by one another in times of trouble, our support in finance and trade is among our top priorities at all times.
“The close friendship between Qatar and Turkey grows each and every day. The most conspicuous signs of this friendship have been Turkey’s companionship with Qatar in the aftermath of the embargo and Qatar’s corresponding declaration in recent months to provide nearly $15bn in investments to Turkey.”
Industries such as construction, logistics and food stand out as major areas of investments by Turkish exporters, as investments grow to even higher levels, thanks to the friendship between the two countries.
In addition, Alfardan stressed: “Bilateral trade volumes between our two countries are expected to double from the previous year. Given these developments, we foresee that the unique trade potential between Turkey and Qatar will continue for many years to come.”