Commercial Bank will provide Turkey's Alternatifbank new growth dynamics by virtue of its global and domestic capabilities, said ABank chairman, Tuncay Ozilhan.
"Besides regional co-operation, opportunities in the alliance concept, transfer of know-how and sharing technology will open new horizons for both ABank and Commercial Bank and pave the way for mutual synergies," he said in his address at the high-profile celebration of Commercial Bank's acquisition of a majority stake in Alternatifbank (ABank) in Istanbul recently.
Turkey's flourishing ties with Gulf countries, especially the friendly relationship at the governmental level with Qatar, are promoting mutual benefits for both countries, he said.
"We observe that this strengthening co-operation and friendship is also supported by growing investments between our countries. The latest example of this is Commercial Bank's acquisition of a majority stake in ABank," Ozilhan said.
"Through Commercial Bank's acquisition of a majority stake in ABank, a new episode has been added to Anadolu Group's successful partnerships in the international arena," the chairman said.
Ozilhan said there was no doubt that the recent developments in the global markets were affecting the Turkish economy. Yet, the banking sector is in a more reliable position, compared to its peers abroad, with its strong capitalisation.
"I am confident that the Turkish banking sector will sustain its successful performance beyond the years ahead, despite internal and external volatilities. The support from Commercial Bank and the Anadolu Group will provide ABank the ability to carve itself new opportunities and pursue its growth strategy and take the lead in the sector in the coming years. I strongly believe that the synergy that is to be created between ABank and Commercial Bank will make a big difference in the sector," he said.
Ozilhan said he sincerely hoped that Commercial Bank's acquisition of a majority stake in ABank would positively impact the friendly ties between the two countries and the banks' partners through ever-growing mutual gains and achievements.
In his address, ABank Group CEO Hamit Aydogan said a new period has emerged, wherein ABank would grow faster in the Turkish market as a result of the synergy to be created with Commercial Bank and Anadolu Group.
With $24bn in asset size and $4bn of total equity, Commercial Bank is Qatar's first and largest private bank. It has two subsidiary banks in Oman and the UAE.
"We are aiming to provide new opportunities and favourable services to our customers through the alliance of these four important banks," Aydogan said.
ABank and the Alliance Group of Banks will provide all kinds of financial and advisory services to their clients engaged in foreign trade and construction business in the Gulf Region.
"Therefore we will function as a bridge between our countries," Aydogan said.
The foreign trade volume between the GCC countries and Turkey is around $22bn, he said.
"Our common philosophy, main focus and mutual ambition is to contribute to our countries' economies and shareholders by further developing the bilateral trade relations between Turkey and the Gulf Region.
"We are targeting to support those companies engaged in commercial activity and especially construction business in the region and become their primary business partner and service provider. On the other hand, we have already started supporting our clients in Turkey that have project financing, working capital and other investment loan requirements, through ABank and Commercial Bank resources," Aydogan added.
© Gulf Times 2013
