As per terms of the agreement, which was originally signed in March 2013, the acquirer will launch a mandatory tender offer to purchase a 4.16% of ABank’s shares from the public domain.
Following conclusion of the transaction, which is based on two times book value of ABank at 30 June 2013, Anadolu will retain a 25% stake in ABank, besides board representation.
The acquirer said that the deal is a significant step in its plan to strengthen presence in retail and corporate banking beyond the Gulf Cooperation Council (GCC) region.
In order to boost its pan-GCC operations, Commercial bank acquired a minority stake representing 34.9% shareholding in National Bank of Oman in 2005 and 40% stake in United Arab Bank in the UAE in 2008.
Founded in 1991, ABank operates as a commercial bank in Turkey and concentrates on small and mid-size enterprises (SMEs) with a branch network of 69 offices.
