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Tue 22 Dec 2015 10:33 AM

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Qatar's QNB acquires stake in Turkish bank for $2.95bn

Gulf Arab region's largest bank reached an agreement with National Bank of Greece to acquire its entire 99.81% stake in Turkey's Finansbank

Qatar's QNB acquires stake in Turkish bank for $2.95bn

Qatar National Bank, the Gulf Arab region's largest bank, said on Tuesday it had reached an agreement with National Bank of Greece to acquire its entire 99.81 percent stake in Turkey's Finansbank for 2.7 billion euros ($2.95 billion).

The closing of the transaction had been approved by the board of directors of both banks and the General Council of the Hellenic Financial Stability Fund, QNB said in a statement.

The closing of the transaction, which was subject to regulatory approvals and other customary closing conditions, was expected to be completed in the first half of 2016, it said.

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