26 March 2014
Doha: Qatar Islamic Bank (QIB), Qatar's leading Islamic bank, yesterday confirmed that it has entered into exclusive discussions to acquire a strategic stake in Bank Asya, the largest participation (Islamic) bank in Turkey. Turkey is a target market for QIB and has been identified in its international expansion strategy.
QIB intends to support Bank Asya to realise its medium to long-term growth targets and strengthen its position as the leading Islamic Bank in Turkey.
QIB is seeking to finalise the transaction within the next few months, subject to obtaining the required regulatory approvals. QInvest is acting as financial adviser to QIB. Further announcements will be made in due course, the company said in a bank.
Established in 1996 and listed on the Istanbul Stock Exchange in 2006, Bank Asya had Turkish Lira (TL) 2.5bn of shareholders' equity, TL29bn of assets, TL21bn of cash financing and TL19bn of deposits as of 2013. In 2013, the bank made TL181m of net profit. It is the largest Islamic Bank and the 13th largest bank overall ranked by assets in the Turkish banking sector.
Bank Asya has several non-banking financial subsidiaries including Isik Insurance, Tuna REIT, Asya Securities and Asya Venture Capital. Bank Asya provides innovative financial solutions to its 4.2 million customers through 281 branches, approximately 1,000 ATMs and 1,000 international correspondent banks. With a dynamic and innovative approach to retail banking, the bank has served as a leading pioneer of Islamic banking for all of its 17 years' history.
In 2012, Bank Asya established Asya Private Pension, Turkey's first interest-free private pension fund company. In only its second year of operations, the company reached 200,000 members, which represents the fastest growth of any company in the Turkish private pension fund sector.
QIB has 35 percent market share of Qatar's Islamic banking assets and 9 percent market share of the country's total banking assets. QIB had QR13.7bn of shareholders' equity and QR77.3bn of assets as at 2013 end.
QIB has adopted a long term vision for international growth, and aspires to continue expanding its operations beyond the existing overseas markets. In addition to Qatar, QIB has operations in various countries including the UK, Malaysia, Lebanon and Sudan.
Doha: Qatar Islamic Bank (QIB), Qatar's leading Islamic bank, yesterday confirmed that it has entered into exclusive discussions to acquire a strategic stake in Bank Asya, the largest participation (Islamic) bank in Turkey. Turkey is a target market for QIB and has been identified in its international expansion strategy.
QIB intends to support Bank Asya to realise its medium to long-term growth targets and strengthen its position as the leading Islamic Bank in Turkey.
QIB is seeking to finalise the transaction within the next few months, subject to obtaining the required regulatory approvals. QInvest is acting as financial adviser to QIB. Further announcements will be made in due course, the company said in a bank.
Established in 1996 and listed on the Istanbul Stock Exchange in 2006, Bank Asya had Turkish Lira (TL) 2.5bn of shareholders' equity, TL29bn of assets, TL21bn of cash financing and TL19bn of deposits as of 2013. In 2013, the bank made TL181m of net profit. It is the largest Islamic Bank and the 13th largest bank overall ranked by assets in the Turkish banking sector.
Bank Asya has several non-banking financial subsidiaries including Isik Insurance, Tuna REIT, Asya Securities and Asya Venture Capital. Bank Asya provides innovative financial solutions to its 4.2 million customers through 281 branches, approximately 1,000 ATMs and 1,000 international correspondent banks. With a dynamic and innovative approach to retail banking, the bank has served as a leading pioneer of Islamic banking for all of its 17 years' history.
In 2012, Bank Asya established Asya Private Pension, Turkey's first interest-free private pension fund company. In only its second year of operations, the company reached 200,000 members, which represents the fastest growth of any company in the Turkish private pension fund sector.
QIB has 35 percent market share of Qatar's Islamic banking assets and 9 percent market share of the country's total banking assets. QIB had QR13.7bn of shareholders' equity and QR77.3bn of assets as at 2013 end.
QIB has adopted a long term vision for international growth, and aspires to continue expanding its operations beyond the existing overseas markets. In addition to Qatar, QIB has operations in various countries including the UK, Malaysia, Lebanon and Sudan.
© The Peninsula 2014
