QNB PURCHASES FINANSBANK
Qatar National Bank Group, announced that it has entered into a definitive agreement with National Bank of Greece (NBG) for the acquisition of its entire stake comprising 99.81% in Finansbank A.S in Turkey for a total consideration of Euro2.7 billion ($2.94 billion). NBG planned the sale of its Turkish unit to plug a capital shortfall identified in European Central Bank stress tests in October. The closing of the transaction, which is subject to regulatory approvals and other customary closing conditions, is expected to be complete in the first half of 2016, QNB said. QNB would also pay Finansbank's $910 million debt to the Greek lender.