CBQ starts talks to buy Turkey's Alternatifbank
- Qatar: Tuesday, December 25 - 2012 at 14:30
The Doha-based QE 20 Index fell the third day straight Tuesday, closing at 8,381.15. The country's second lender Commercial Bank of Qatar (CBQ) ended flat at QR71. Earlier in the day, CBQ said it entered into negotiations with Anadolu Endüstri Holding A.S. for the acquisition of a majority stake in Alternatif Bank A.S., a publicly listed entity on the Istanbul Stock Exchange with its registered head office in Istanbul, Turkey. Qatari banks are on an expansion spree as the gas-rich Gulf state aims to become a regional financial hub in the Middle East. On Dec. 14, Qatar's first lender QNB bought from French lender Société Générale the entire 77.17 percent stake in National Société Générale Bank - Egypt for $2.558bn. Qatar's Islamic bank Masraf Al-Rayan has expressed interest in buying Islamic Bank of Britain (IBB) and to expand within the GCC. The deadline for the takeover of IBB, whose majority is owned by Qatar International Islamic Bank, was recently extended to Jan. Qatar First Investment Bank plans to list its shares to the public in early 2013.
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