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QIB Eyes Strategic Stake in Turkey's Bank Asya
Qatar Islamic Bank (QIB), Qatar's biggest Islamic bank, has confirmed that it is in exclusive talks to acquire a strategic stake in Bank Aysa, Turkey's biggest Islamic Bank.
QIB has said that Turkey is one of the markets that will be part of its strategy for international expansion.
Bank Aysa had equity of $1.1bn at the end of 2013, and assets of $13.2bn. QIB had equity of $3.8bn and assets of $21.2bn at the end of 2013.
In Turkey, Islamic banks are known as "Participation Banks" and hold a different type of license from commercial banks. Bank Asya is the 13th biggest bank in Turkey, when all types of banks are considered.
Bank Aysa was established in 1996 and listed on the Istanbul Stock Exchange in 2006. QIB was founded in 1982 to become Qatar's first Islamic bank.
Bank Aysa was in the news earlier this year following reports that large state-owned companies had withdrawn deposits from the bank, allegedly as part of the dispute between Prime Minister Erdogan and the followers of the Islamic cleric Fethullah Gulen. Bank Aysa has stated that the withdrawal of deposits did not put it at risk.