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CBQ closes acquisition of majority in Alternatifbank.

M2 EQUITYBITES-July 18, 2013-CBQ closes acquisition of majority in Alternatifbank(C)2013 M2 COMMUNICATIONS http://www.m2.com

18 July 2013 - Commercial Bank of Qatar (CBQ) said today it had finalised the acquisition of a 70.84% interest in Turkish lender Alternatifbank AS (IST:ALNTF), or ABank, from Anadolu Endustri Holding AS.

Earlier this month, CBQ announced it had received the green light from Turkey's Banking Regulation and Supervision Agency and the Capital Markets Board.

When unveiling the deal in March, CBQ said that the transaction consideration would be equal to about two times ABank's book value as of 30 June 2013. At the end of December, the figure amounted to TRY585m (USD304m/EUR233m).

Now that the purchase was completed, CBQ will commence a mandatory tender bid for the 4.16% stake that remains in the public domain it said. Anadolu will retain the other 25%.

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Date:Jul 18, 2013
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