Thursday, March 27, 2014

QIB in discussions to acquire stake in Bank Asya

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GLOBAL: In an emailed statement to Islamic Finance news, Qatar Islamic Bank (QIB) confirmed that it has entered into exclusive discussions to acquire a strategic stake in Turkish participation bank, Bank Asya. QIB has indentified Turkey as a target market for its international expansion plans.

Subject to required regulatory approvals, QIB has appointed QInvest as its financial advisor and looks to finalize the transaction within the next few months. The Qatari bank seeks to assist Bank Asya to realize its medium to long-term growth targets and strengthen its position as the leading Islamic bank in Turkey. Established in 1996, Bank Asya recorded a net profit of TRY181 million (US$81.08 million) for the year 2013. According to the statement, it is curently the largest participation bank and the 13th-largest overall bank ranked by assets in the Turkish banking sector.

Bank Asya is listed on the Istanbul Stock Exchange and appears to be majority-owned by Turkish investors. According to its corporate information, the bank’s shareholding structure are as follows: publicly listed (53.47%), undisclosed investors (29.4%), BJ Tekstil (2.26%), Sürat Basım Yayın Reklamcılık ve Eğitim Araçları (2.7%), Osman Can Pehlivan (3.33%), Forum İnşaat Dekorasyon Turizm (3.85%), Ortadoğu Tekstil (4.89%).

Including Bank Asya, the country presently has four participation banks: Kuveyt Turk, which is 62.24% owned by Kuwait Finance House; Albaraka Turk, which is 66.1% owned by its foreign partners, founded by Bahrain’s Albaraka Banking Group and the IDB; and Turkiye Finans which is 60% owned by Saudi Arabia’s National Commercial Bank. QIB’s stake acquisition will represent Qatar in the list of countries that is tapping into Turkey’s Islamic finance market.

QIB has a 35% market share of Qatar’s Islamic banking assets and a 9% market share of the country’s total banking assets. The bank announced a net profit of QAR1.34 billion (US$367.7 million) for 2013, with QAR77.3 billion (US$21.21 billion) in assets. In the same year, Fitch Ratings affirmed QIB's long-term issuer default rating at ‘A’, with a stable outlook. QIB’s counterparty credit rating was maintained at ‘A-’, with a stable outlook by S&P.

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