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Goldman Sachs to Advise Bank Asya on Qatar Stake Sale Talks

Asya Katilim Bankasi AS (ASYAB), the Turkish banks in talks to sell a stake to Qatar Islamic Bank, said it hired Goldman Sachs Group Inc (GS) as exclusive financial adviser on the deal.

The Istanbul-based lender said in March that it was in exclusive talks with QIB for a strategic partnership, while the Doha-based bank said it was interested to take a stake in the lender. Bank Asya, in today’s filing, didn’t give more details.

Merger and acquisition activity in Turkey’s banking industry is increasing as international rivals seek to tap the country’s economic growth. Industrial & Commercial (1398) Bank of China Ltd. agreed to buy 76 percent of Turkey’s Tekstil Bankasi AS (TEKST) for $316 million in April, while a Bank Asya takeover would be the second by Qatari investors after Commercial Bank of Qatar bought Alternatifbank AS (ALNTF) last year.

Bank Asya fell 2.9 percent to 1.66 liras at 10:35 a.m. in Istanbul. It’s gained about 14 percent this year.

To contact the reporters on this story: Isobel Finkel in Istanbul at ifinkel1@bloomberg.net; Dinesh Nair in Dubai at dnair5@bloomberg.net

To contact the editors responsible for this story: Dale Crofts at dcrofts@bloomberg.net Mark Bentley

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