The Commercial Bank, one of the most important banks in the Gulf region and Qatar's first private bank, has purchased all ABank's shares after acquiring the remaining 25 percent share in the Anadolu Group. ABank's share transfer between the Commercial Bank and the Anadolu Group was finalized. The Commercial Bank (PSQC.), which previously bought 70.8 percent of the shares from the Anadolu Group in July 2013 and then increased its shareholding to 75 percent through share repurchase transactions, bought the remaining 25 percent share from the Anadolu Group for $222.5 million becoming the sole owner of the bank. The decision regarding the sale of the 25 percent stake was taken under the scope of the shareholders agreement signed three years ago and was reported to the Public Disclosure Platform in July 2016.
'More cooperation and integration
'Regarding the said transaction, Commercial Bank Board Member and ABank Chairman Omar Hussain Alfardan said the fact that the ABank has become a wholly owned subsidiary of the Commercial Bank now leads the way toward even stronger cooperation and integration opportunities in order to create broad synergies and provide advantages that will befit all their stakeholders in Turkey along with the same business culture.
'Our biggest investment outside Qatar'
Commercial Bank CEO Joseph Abraham underlined that these investments, which began in 2013, are the strongest indication of their confidence in the Turkish economy, the banking sector and ABank, which has been operating for the past 25 years. Stressing that ABank is the Commercial Bank's biggest and third investment outside Qatar, Abraham said they aim to increase the share of ABank in the group thanks to the great potential of the Turkish economy and the growing commercial ties between Qatar and Turkey. Touching on the compliant partnership between the two entities over the past three years since July 2013, Anadolu Group's Chairman Tuncay Özilhan recalled that they reported their decision to hand over the remaining 25 percent share of ABank to the Commercial Bank in July 2016.
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