Qatar National Bank (QNB) has agreed with a Turkish company to provide real estate consultancy services in Turkey.
QNB, the largest financial institution in the Middle East and the North Africa region, has signed an agreement with Turkish real estate company Realty World Turkey to provide real estate consultancy services to its customers in the Turkish market. Under the agreement, the main focus will be on Istanbul, Bursa, Ankara, Antalya, Izmir and Yalova, which take the lead in investors' preferences.
According to the Trade Ministry's official website, Realty World serves in the region with 160 consultancy offices and 1,500 real estate agents, while QNB offers cross-border housing loans in Qatar, the U.K., France, Lebanon, Turkey and Jordan. QNB Group operates on three continents and 30 countries with its subsidiaries and affiliates. In the first quarter of the year, QNB's net profit reached $980 million, up by 4 percent compared to the same period of the previous year. The total assets of the bank were $242 billion, up 6 percent from March 2018.
The Qatari lender entered the Turkish market in June 2016 when it acquired Turkey's Finansbank for 2.7 billion euros ($3.04 billion). Founded in 1987 by businessman Hüsnü Özyeğin, Finansbank was acquired by Greece's largest bank National Bank of Greece (NBG) in August 2006 before it was sold to QNB. As of October 2016, the bank was named QNB Finansbank.
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