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French Version

Arab Bank acquires half of MNG Bank

Arab Bank announced its acquisition of 50 percent of Turkish MNG Bank’s capital as a part of its plan to expand into a number of countries and regions that offer attractive investment opportunities and enjoy good financial and banking activities.

This step coincides with the acquisition of approximately 41 percent of the shares of the said Turkish Bank by the Mediterranean Bank, which is owned by Al-Hariri Investment Group. A deal was signed lately with the former chairman of MNG Bank’s board of directors, Mr Muhammad Nezif Gonal; the agreement’s documents were deposited with the Turkish authorities, pending the completion of the deal and the distribution of equity shares to the owners, after securing all necessary endorsements.

Chairman of Arab Bank Board of Directors and its General Manager, Mr Abdel Hamid Shoman, said that the strong entry of the bank in the Turkish market through this deal with MNG Bank comes in harmony with the Arab Bank strategy in expanding in the region and the world, reiterating that the Arab economic and commercial relations with Turkey, which is considered the gate to Eastern and Western Europe, and the trade partnership confirm the feasibility of the Arab Bank step, and its importance in serving both Arab and Turkish businessmen and investors. Shoman added that the reason for choosing MNG Bank is mainly its experience in the Turkish banking industry, pointing out that the MNG Bank was established in 1991, offering complete banking services and with distinguished activities in both the retail and capital markets.

In order to cover its clients needs, whether individual, companies or corporations, and to keep up with the economic and financial developments on local and international levels, Shoman affirmed that the Arab Bank has focused on commercial services and different financial and banking products, and expanded its investments in the capital markets, through the adoption of a risk distribution policy and the consolidation of portfolios in order to avoid crises and irregularities that affect money markets. Responding to a question on the importance of Arab Bank’s venture into the Turkish banking system, Shoman said: “Our venture reflects the importance of the Turkish market from financial, banking and economic perspectives.”

Shoman pointed out that MNG Bank has established its commercial and financial status in the Turkish market, applies the best financial and commercial standards, and manages 11 branches in key cities and commercial and financial centers in Turkey, and constitutes a high performance banking and financial group. Chairman of Mediterranean Bank’s Board of Directors and General Manager, Mr Muhammad Hariri, explained that the goals of the new owners of the Turkish bank consist of maintaining its distinction and prevalence especially in the field of financing small and medium size companies, and of developing and expanding its branches to provide better services and banking products.

He added that Mediterranean Bank’s investments in Turkey are part of its strategy to expand regionally, noting that Turkey is one of the key active and promising markets. On his part, Gonal welcomed the first Middle Eastern capital partnership in the Turkish banking market, and expressed his conviction that the future possibilities for the Turkish bank and the Turkish banking sector carries positive signs under the partnership with two prominent banks in the region, Arab Bank and Mediterranean Bank.

Gonal said that a partnership of this kind with big banking establishments that have wide experience and deep roots going back to 1930, will participate actively in developing the banking and economic sectors in Turkey. MNG Bank, with headquarters in Ankara, is considered one of the active financial establishments, and carries weight in the Turkish economy. It has wide activities in the fields of construction, real estate, tourism, air transportation, communications, and modern financial services.

Amman,11September2006
Rédaction
The Star


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