Qatar National Bank (QNB) agreed Tuesday to acquire Turkish Finansbank. QNB will purchase the shares in Finansbank owned by the National Bank of Greece (NBG) -- the Greek bank holds a 99.81 percent stake in the Turkish bank -- for 2.7 billion euros ($2.94 billion).
QNB, the largest bank in the Gulf region, plans to finance the deal with its own funds, and expected to close the deal in the first half of next year. But the agreement will be subject to regulatory approval.
Finansbank and Garanti Bank recently lent 300 million euros to Limak-Cengiz-Kolin-Mapa-Kalyon OGG contractor consortium which will build İstanbul's third airport.
Finansbank has been ceaselessly operating for 27 years since its inception on October 26th 1987, steadfast with its goals of offering more than traditional banking services to its customers and becoming the Financer of Turkey.