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