Qatari bank CBQ takes con­trol of Al­ter­nat­if­bank

Kuwait Times - - BUSINESS -

DUBAI: Com­mer­cial Bank of Qatar (CBQ), the Gulf Arab state’s third-largest lender by as­sets, said yes­ter­day that it had com­pleted the ac­qui­si­tion of the out­stand­ing 25 per­cent stake in Turkey’s Al­ter­nat­if­bank for $224.9 mil­lion. CBQ said in July that it would buy the stake af­ter an­other share­holder, Turkey’s Anadolu In­dus­try Hold­ing, an af­fil­i­ate of Yazi­cilar Hold­ing, ex­er­cised an op­tion which re­quired the Qatari bank to pur­chase the stock. The deal means Al­ter­nat­if­bank is now a 100 per­cent-owned sub­sidiary of CBQ, ac­cord­ing to yes­ter­day’s bourse state­ment.

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