QNB Group, a major financial institution in the MEA, says it has completed the acquisition of 99.81 percent stake in Finansbank AS in Turkey.
This transaction is described as a significant milestone in QNB Group’s strategy of international expansion.
With the addition of Turkey as a new market and one of the leading Turkish banks to its network, QNB Group further extends its international presence and will be able to increasingly benefit from the rapid development of trade and the strengthening of economic ties between Turkey and the Middle East in general and between Qatar and Turkey in particular.
This is also stated to reflect QNB Group’s confidence in the long-term prospects of the financial sector and economy of Turkey.
Finansbank is the fifth largest privately owned universal bank in Turkey by total assets, customer deposits and loans. The bank has organically grown into a major financial institution with a proven and experienced management team.
With a nationwide distribution network of over 620 branches and more than 12,000 employees, it has more than 5.3 million active customers.
As of March 31 March 2016, Finansbank has assets worth $32 billion, $21.8 billion in loans and $17.3 billion in deposits, and total equity amounted to $3.8 billion as per international financial reporting standards.
QNB Group’s CEO Ali Ahmed Al-Kuwari stated: “This transaction is a breakthrough in QNB’s vision to becoming a Middle East and Africa Icon by 2017.”
QNB Group currently owns 99.81 percent of Finansbank and will launch a mandatory tender offer (MTO) in Turkey for the remaining 0.19 percent.
Omer Aras, chairman and group CEO of Finansbank, said: “The acquisition signifies a thrilling milestone for Finansbank. We are extremely excited to enter into a new era and be part of the QNB Group.”
QNB completes acquisition of 99.81% stake in Turkish bank
QNB completes acquisition of 99.81% stake in Turkish bank
25,000 attend Social Development Bank’s DeveGO25 forum
The Social Development Bank concluded the second edition of the Entrepreneurship and Modern Business Practices Forum — DeveGo 2025 — announcing the achievement of high-impact outcomes that further reinforced the forum’s position as the largest national platform in the region dedicated to entrepreneurship, innovation, and freelance work in Saudi Arabia and beyond.
The forum witnessed broad participation from local and international experts, investors, entrepreneurs, and representatives of local, regional, and international institutions.
Over three days at the King Abdulaziz International Conference Center, the forum drew 25,000 participants and visitors, who benefited from over 45 specialized workshops and over 2500 advisory sessions delivered by more than 70 consultants and experts.
The sessions covered key areas including entrepreneurial planning, business models, venture capital, digital platforms, freelancing, and emerging technologies.
The forum also featured 20 panel discussions with leading local and international speakers, addressing major global trends in entrepreneurship, including the future of artificial intelligence, the creative economy, digital transformation, and venture investment.
The forum saw the launch of the Saudi Empretec Fellowship, in the presence of Rebeca Grynspan, secretary-general of the UN Conference on Trade and Development.
The partners in success within the Social Responsibility Portfolio supporting entrepreneurs were honored.
It also saw the honoring of 13 winners of the Handicrafts Competition, representing various regions of the Kingdom, the announcement of winners of the Salam Award for Promising Projects, and the recognition of leading entrepreneurial projects fund under the Enterprises Track.
In addition, the NEXT UP Challenge concluded on the third day of the forum with 20 startups presenting their projects to more than 500 investors, enhancing opportunities for networking and partnership building.
As part of efforts to strengthen the support ecosystem, the forum witnessed the signing of 51 agreements, along with the launch of a suite of new financing products. These included the Capital Expansion Product with a ceiling of up to SR10 million, the Payroll Product with a ceiling of SR2 million, and the Rental Product with a ceiling of SR1.5 million, aimed at supporting enterprises in asset development and covering operational costs.
This reflects the bank’s direction toward offering more specialized financing tools that respond effectively to market needs.
The forum concluded by reaffirming its role as a unifying national platform for entrepreneurship, where accompanying activities and events provided direct engagement opportunities between entrepreneurs, investors, and experts.
The forum also highlighted success stories and practical experiences that reflect the scale of entrepreneurial momentum in the Kingdom and the growing role of the Social Development Bank in supporting a national economy driven by innovation and knowledge.
