QNB in talks to acquire a Turkish bank

HE Minister of Economy and Finance, and Chairman of Qatar National Bank (QNB) Yousef Hussein Kamal said that "the Bank is currently in negotiations that could lead to the acquisition of the Turkish Deniz Bank." HE the Minister said in a press statement Monday evening  that "The acquisition of a bank of this size requires extensive negotiations, but there is still no specific time for ending  of the negotiations or reaching  a final agreement." He explained that the profits of the Islamic branch of Qatar National Bank amounted to 450 million riyals in 2011, representing a decline by about 50 per cent of profits in 2010. HE noted that the conventional activities of the bank, this year, will cover the loss of profit after the closure of the Islamic branches as per  the decision of Qatar Central Bank, expecting a growth of almost 10 per cent in the financial year 2012. He pointed regarding the ways to which the bank will resort to support the growth of profits, that Qatar's economy continues to grow and that there are many projects planned, and that the bank has plans for expansion outside Qatar. About the plans to purchasing bonds, HE the Minister confirmed that there is no intention at this time in this regard, noting that the Treasury bonds came as a prelude to establishing a market for bonds. On sectors that Qatar is seeking to invest in, He explained that Qatar is looking to invest in all sectors, according to the opportunities available. (QNA)