DUBAI: Commercial Bank of Qatar (CBQ) said yesterday it had acquired a further 3.4 percent stake in Turkey’s Alternatifbank through a public tender offer, building on its majority holding buy earlier this year.
No sale price was given in the statement, which said that the tender offer had concluded on September 27 and, following the move, left 0.76 percent of the Turkish bank in public hands.
CBQ, the state’s second-largest lender by assets, said in July it had completed the purchase of a 70.84 percent stake in Alternatifbank, paying two-times book value as at June 30, 2013, and would tender for the 4.16 percent stake held by the public.
Turkey’s Anadolu Holding, from which CBQ acquired its majority holding, continues to own 25 percent of Alternatifbank.
Reuters
