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CBQ completes stake buy into Turkey bank

Dubai, July 18, 2013

Commercial Bank of Qatar (CBQ), the Gulf Arab state's second-largest lender by assets, said on Thursday it had completed the purchase of a 70.84 percent stake in Turkey's Alternatifbank.

The transaction has received the assent of both regulators in Qatar and Turkey, CBQ said in the bourse filing.

A tender offer to acquire 4.16 percent of Alternatifbank shares traded publicly will be announced in due course, the statement added.

CBQ is paying two-times book value as at June 30, 2013, for its stake in the Turkish lender. – Reuters




Tags: Turkey | Shares | Stake | Commercial Bank of Qatar | CBQ | Alternatifbank |

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