Turkey’s Anadolu Holding plans to complete the sale of its 75 per cent stake in Turkey’s Alternatifbank to the Commercial Bank of Qatar by March 15, Chairman Tuncay Ozilhan said on Tuesday. Anadolu said last month it would start talks on the sale with the Commercial Bank of Qatar. Anadolu Holding has a 77.7 per cent direct stake in Alternatif, while 4.16 per cent is publicly traded.
The Qatari bank is looking to spend between $400 million and $500 million for the stake in a deal expected to be completed by March, according to a person familiar with the matter.
The discussions were ongoing and details of the deal hadn’t been finalised, the person, who declined to identified, said Tuesday. CBQ late last month said it had opened talks with Anadolu Endustri Holding A.S., a majority shareholder in Alternatifbank, to acquire a controlling stake in the lender which is listed on the Istanbul stock exchange. Analysts at Arqaam Capital in a note on Tuesday said CBQ might raise fresh capital in 2013 as it expands. Last April, the bank raised $500 million from a five-year bond issue. Cash-rich Qatari banks, aggressively expanding overseas, are keen to tap Turkey’s fast growing economy and vast population. Last year, Qatar National Bank lost out in the race to buy Turkey’s Denizbank AS. But the lender in December reached an agreement to buy the Egyptian division of France’s Societe Generale. CBQ shares closed 1.6 per cent lower at 72.90 Qatar riyals on Tuesday.
