Published: November 21, 2013
Turkish bank acquires 99.9% of ALease.
Turkey’s Alternatifbank (ABank) has bought a 99.9% stake in ALease, a leasing company that specialises in small-ticket transactions.
The deal involves the purchase of 2.7bn shares from Anadolu Endustri Holding and 115.5mn shares from minority shareholders for the total cost of TL120.5mn (US$59.7mn).
In July Commercial Bank of Qatar bought a 70.84% stake in Alternatifbank from the same group, Anadolu Endustri Holding. The stake was priced at double the company’s book value at the end of June — a figure that was not disclosed.