CBQ says given nod to raise stake in Turkey’s Alternatifbank

Dubai: Commercial Bank of Qatar, the Gulf Arab state’s third-largest lender by assets, said on Wednesday that Qatari regulatory authorities had given approval for the bank to buy a further 25 per cent stake in Turkey’s Alternatifbank.

CBQ said in July that it would buy the stake after another shareholder, Turkey’s Anadolu Industry Holding, an affiliate of Yazicilar Holding, exercised a share sale option.

The share transfer is to be made in the second half of December, with Alternatifbank becoming a 100 per cent-owned subsidiary of CBQ following the move.