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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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