Dubai's Mashreqbank Weighs Potential Turkey Expansion, CEO Saysby
Mashreq would consider assets of several banks exiting Turkey
HSBC, Finansbank among banks weighing sales in the country
Mashreqbank PSC, the Dubai-based lender, may consider a potential acquisition in Turkey as some international banks seek to sell assets in the country, Chief Executive Officer Abdul Aziz Al Ghurair said.
“Turkey we keep looking at ,” he told reporters Tuesday in Dubai. “There are few banks exiting Turkey now and depending on the size, price and timing” Mashreqbank would consider a potential deal, he said.
HSBC Holdings Plc said in June it’s seeking a buyer for its Turkey business to cut costs. Qatar National Bank has held preliminary talks with Turkey’s Finansbank AS on a potential takeover as it seeks expansion beyond the Gulf and to boost profit margins. National Bank of Greece SA is looking to cut its stake in Finansbank to less than 60 percent by the end of the year under the terms of a European bailout agreement.
Al Ghurair ruled out buying assets in Africa saying Mashreq’s expansion would be
“only in the region we know best,” which is the six Gulf Cooperation Council states and the Middle East and North Africa region.