The move is in line with QNB’s strategy to expand its presence to larger markets outside the home market, according to Bloomberg.
Material developments regarding the possible acquisition have not been taken place yet.
National Bank of Greece will hold negotiations with interested investors including QNB and Fiba Holding for the possible sale of Finansbank.
Greece-based lender is looking to reduce its stake in Finansbank to less than 60% from 99.8% by this year-end.
The plans for stake sale follows a European bailout agreement.
Founded in 1987, Finansbank provides banking services in Turkey. The company operated 458 branches, 1,206 ATMs, composing of 606 off-site and 600 on-site ATMs in 2008.
Finansbank’s products and services corporate banking unit provides services to the large scale local, foreign, and international corporate companies through its 8 branches.
Its investment banking business provides services, such as project finance, corporate finance, and technical consultancy.
Several foreign banks are looking to expand footprint in Turkey through possible acquisitions and license applications, while few firms are planning to end operations in the country.
Russian lender OAO Sberbank acquired Turkey’s Denizbank from Belgium’s Dexia for $3.63bn in 2012 and Spain’s Banco Bilbao Vizcaya Argentaria bought 24.9% stake in Turkiye Garanti Bankasi in a $5.8bn deal.
Image: QNB’s headquarters,Doha, Qatar. Photo: courtesy of Trinidade / Wikipedia.
