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Sun 10 Apr 2016 02:44 PM

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QNB receives approval to complete $3bn acquisition of Turkey's Finansbank

Gulf’s largest lender agreed to buy Finansbank from National Bank of Greece in December

QNB receives approval to complete $3bn acquisition of Turkey's Finansbank

Qatar National Bank (QNB) has received the approval of Qatar's central bank and Turkey's Banking Regulation and Supervision Agency to acquire Turkey's Finansbank, the Gulf Arab region's largest lender has said.

In December, QNB said it had agreed to buy Finansbank from National Bank of Greece for 2.7 billion euros ($3.08 billion).

The share transfer to QNB will take place once remaining regulatory approvals were received, it said in Sunday's statement. QNB will make a further public announcement once that process had been completed, it added.

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