Arab Today, arab today commercial bank outlines future role in turkey
Last Updated : GMT 23:12:04
Arab Today, arab today
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Commercial bank outlines future role in Turkey

Arab Today, arab today

Arab Today, arab today Commercial bank outlines future role in Turkey

Doha - QNA

The Commercial Bank of Qatar (CBQ) outlined its future role in the Turkey\'s banking sector following the acquisition of a 70.84% stake in Alternatifbank (ABank) from Anadolu Endustri Holding (Anadolu) earlier this year. CBQ\'s senior executive revealed future plans at a reception held in Istanbul, the Qatari bank said Monday in a media statement. Prominent members of the Turkish and Qatari business communities attended the reception hosted by CBQ Chairman HE Abdullah bin Khalifa Al Attiyah and Anadolu Group Chairman Tuncay Ozilhan. Leading businessmen had the opportunity to discuss growing links and business ties between Turkey and Qatar, and how the latest international expansion by CBQ into Turkey has created a unique access point to increase investments and trade flows between the two countries. Speaking at the reception, HE Abdullah bin Khalifa Al Attiyah said, \"We are delighted with our acquisition of ABank and our continued relationship with Anadolu Group. \"Turkey is a key growth market for Commercial Bank and ABank represents a strategic entry-point to Turkey\'s fast-expanding banking sector. \"ABank is a model of efficiency and good management; it is ambitious and profitable and we believe it has the potential to be a strong contributor to the future growth of the Commercial Bank Group.\" CBQ Managing Director Hussain Alfardan said, \"ABank extends our existing regional alliance with banks in the UAE and Oman to outside the GCC region. Turkey has been identified as an exciting emerging market and trade between the GCC countries and Turkey is becoming increasingly active. Through ABank, we intend to capitalise on these increasing economic links to strengthen our position as one of the leading full service banks in the region.\" Commenting on the move into the Turkish banking sector, CBQ Group CEO Andrew Stevens said, \"ABank was the obvious partner for us on a strategic level, a cultural level, and, importantly, on a personal level. We see this partnership as an exciting opportunity to further develop the deep and growing ties that exist between Qatar and Turkey, and the other Gulf States.\" The acquisition of ABank in July from Anadolu Group represents CBQ\'s first investment in Turkey and this is its first majority stake in another bank. ABank is a mid-sized Turkish bank that predominantly caters for SMEs through a network of 69 nationwide branches and as of December 2012, had total assets of TL 7.9 Billion ($4.4 Billion). Anadolu Group, one of the leading industrial conglomerates of the Turkish economy, will remain a significant shareholder and will be represented on the board, the CBQ said.

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