QNB Group studies acquisition of stake in DenizBank in Turkey Wednesday, 19 October 2011 11:26

DOHA: QNB Group announced Wednesday that it has entered into negotiation with DenizBank in Turkey towards the aim of acquiring a controlling stake.

The on-going negotiations are still in early stages and their success depends on the conformity of Deniz Bank business activities with QNB Group's international expansion strategy along with an agreement on a price that fairly reflects the financial position of Deniz Bank and the result of its operations, QNB said in a statement published on the (Qatar Exchange) website.

Established in 1964 as the country's first Qatari-owned commercial bank, Qatar National Bank (QNB) has an ownership structure split between the Qatar Investment Authority (50%) and the private sector (50%).

QNB has steadily grown to be among the largest banks in the region and is by far the leading financial institution in the country, with a market share approaching 40% of banking sector assets.

QNB offers a full range of retail, corporate, investment, Treasury, Wealth Management, and Islamic Banking products and services for individuals, corporate institutions and government entities in Qatar as well as internationally. (QNA)