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Qatar Bank to Complete Talks Over Alternatifbank in March

Jan. 17 (Bloomberg) -- Commercial Bank of Qatar is continuing talks to acquire 75 percent of Alternatifbank AS and plans to complete discussions in March, the company said.

Alternatifbank, Turkey’s 17th-largest lender with 7.9 billion liras ($4.5 billion) in assets as of Sept. 30 according to the Banks’ Association of Turkey, jumped as much as 4.6 percent and rose 2.1 percent to 2.44 liras at 3:41 p.m. in Istanbul.

Investors from the Middle East, Russia and Asia are boosting their holdings in Turkey, attracted by rising profit and growth in loans. Qatar National Bank said last month it may target stakes in the country’s major lenders. Bank of Tokyo-Mitsibushi UFJ Ltd. is in the final stages of a license application, Mukim Oztekin, head of the industry regulator, said in December. Russia’s OAO Sberbank bought Turkish bank Denizbank AS from Belgium’s Dexia SA in June for $3.53 billion.

The lender started due diligence work to buy Istanbul-based Alternatifbank’s stake and “is in a good position, being Qatar’s second-biggest bank,” Tuncay Ozilhan, chairman of Anadolu Endustri Holding, said in a Bloomberg interview on Jan. 15.

CBQ announced its planned target date to complete talks in a statement on the Regulatory News Service today. Alternatifbank shares have surged 67 percent since owner Anadolu Endustri Holding AS announced the start of negotiations to sell a majority stake to CBQ on Dec. 24. That compares with an 11 percent gain in the main ISE 100 index since the Dec. 21 close.

To contact the reporters on this story: Shaji Mathew in Dubai at shajimathew@bloomberg.net; Aydan Eksin in Istanbul at aeksin@bloomberg.net

To contact the editor responsible for this story: Riad Hamade at rhamade@bloomberg.net

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