Published: March 24, 2013
Commercial Bank of Qatar agrees deal to buy 70% share of Turkey's ABank.
Commercial Bank of Qatar has agreed to buy a majority stake in Turkey's Alternatifbank (ABank).
Commercial Bank will take a 70.84% stake in ABank for twice its book value as of June 30. As of December 31 2012, the target's book value was TL585mn (US$328mn).
The deal is expected to close during the second half of the year. Commercial Bank will also launch a public tender offer to acquire the 4.16% of ABank’s shares held in the public domain.