Türkiye Finans handover to Saudi bank completed
Posted by meb at April 2nd, 2008
The handover of a 60 percent share in the interest-free bank Türkiye Finans from the Boydak and Ülker Groups to Saudi Arabia-based National Commercial Bank (NCB) has been completed.
Speaking at a press conference held yesterday after the conclusion of the handover process, NCB Chief Executive Abdulkarim Abu Al-Nasr said NCB has 55 years of experience, noting that his company thought of Turkey first when seeking to enhance their operations overseas. He stated that they are very pleased to be working with the Ülker and Boydak groups and that this partnership would offer great opportunities. In the deal, the groups will retain their strategic partnership in the bank with a 20 percent share each.
Al-Nasr said Turkey has a growing economy and that NCB also wants to expand the bank with the help of the capabilities of their partners, Ülker and Boydak. He noted that there is growing global interest in interest- free (Shariah compliant) banking and that despite 18 to 19 years in this type of banking, Turkey still has much more potential that can be tapped. Al-Nasr said the economic volume of interest-free banking is expected to hit $1 trillion by 2010.
Asked if the company had considered other countries in the region for investment, Al-Nasr noted that there are other attractive countries in the Middle East such as Egypt and that his company is assessing the opportunities in such countries.
Türkiye Finans Chairman Mustafa Boydak stated at the press conference that NCB had made a smart move and that it would invigorate the interest-free banking sector in Turkey. He said they had established the new board on Monday and that four new members including Al-Nasr had joined it.
The new board of Türkiye Finans includes Boydak (chairman), Al-Nasr, Don Hill, Faisal Al Sakkaf, Abdulrazak M. Elkhraijy, Yunus Nacar (general manager) and Atilla Kurama (Ülker Group).
source: Today’s Zaman
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