Qatar National Bank buys Turkish Finansbank for 2.7 billion euros

Moscow. December 22. The Qatari Bank Qatar National Bank SAQ has entered into an agreement to purchase owned by National Bank of Greece (NBG) controlling stake in the Turkish Finansbank for 2.7 billion euros (nearly $3 billion), reports Bloomberg.

NBG owns 99.8% of shares in Finansbank.

For the completion of the transaction requires the approval of regulators. The parties expect to close in the first half of 2016.

In 2006 NBG bought Finansbank for the equivalent of $5 billion. the deal was and remains the largest in the banking industry of Turkey.

Qatar National Bank hopes to become one of the leading banks in the Middle East region and Africa before the end of 2017 and to be a world leader in the banking sector by 2030.