Aug 28 2010
|more articles from|
Qatar bank eyeing acquisitions
Dubai Qatar First Investment Bank ( QFIB ) plans to spend $500 million (Dh1.8 billion) on acquisitions in Turkey’s energy and finance industries, chairman Abdullah Bin Fahad Bin Ghorab Al Merri said yesterday.
He was speaking at a news conference in Istanbul where the Doha lender said it partnered with London private equity house Argus Capital to acquire a 40 per cent stake in Turkey’s Memorial Health Group (MHG). Each will hold a 20 per cent stake, he said.
QFIB would help the healthcare group to expand in the Middle East, MHG chief executive Ugur Genc said.
MHG also operates a complex in Antalya with 132 beds in addition to two outpatient clinics in Istanbul.
MHG said it was the first hospital to receive the Joint Commission International Accreditation in 2002 which it has since renewed in 2005 and 2008. It was also the first private hospital in the country to carry out liver and kidney transplants and paediatric liver transplants in which the patient a donor’s blood types were incompatible.
“Healthcare is a key sector for QFIB . It is a growing sector in the Middle East and North Africa region and is resilient to economic downturns due to the necessity of the services,” Al Merri said in a statement.
“Turkey, being the largest Islamic country in Europe and the Middle East, is an extremely important market.
“The acquisition of a stake in MHG ... is a clear indication of our intention to diversify and establish ourselves in a number of key growth industries,” he said. This is QFIB’s second deal in the healthcare sector.
QFIB and Argus were advised by Daruma Corporate Finance on this transaction.
“ QFIB enjoys a sound reputation as a fast growing bank with a diverse shareholder base.
“Their experience and unique expertise will undoubtedly benefit MHG as we endeavour to continue developing our offer in Turkey and abroad. QFIB shares our vision in maintaining MHG’s leadership position in the growing healthcare sector,” MHG president and chairman Turgut Aydin said.
Argus managing partner Ali R Artunkal said: “We consider the investment in Memorial as our landmark entry to the Turkish market which we have been actively focusing on in the past three years”.
QFIB is described as the first, non-affiliated Sharia-compliant investment bank to be regulated by the Qatar Financial Centre Regulatory Authority.
— with inputs from Bloomberg
© Gulf News 2010. All rights reserved.
© Copyright Zawya. All Rights Reserved.