QNB PUR­CHASES FI­NANS­BANK

Qatar Today - - BUSINESS -

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.

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