Qatar National Bank to Buy Turkey's Finansbank for $3 Billion

Qatar National Bank SAQ agreed to buy National Bank of Greece SA’s Turkish unit for 2.75 billion euros ($3 billion) in cash as it seeks expansion throughout the Middle East and Africa.

The Qatari lender is acquiring NBG’s 99.8 percent stake in Finansbank AS and 29.9 percent of Finans Leasing in a deal that will also see it take on $910 million of subordinated debt, the Athens-based bank said in an e-mailed statement Tuesday. QNB, as it’s known, is paying slightly below book value for the Istanbul-based lender, according to analysts including Kazim Andac at Deutsche Bank. Turkey’s banking index is trading at about 0.89 times book.