Tuesday 10 January 2012

Qatar National Bank Pursues Denizbank After HSBC Withdraws Bid - Businessweek

Qatar National Bank SAQ, the Gulf country’s biggest lender by assets, remains in talks to buy Dexia SA’s Turkish unit Denizbank AS after HSBC Holdings Plc withdrew its bid, two people familiar with the process said.

If negotiations are successful, the deal could be completed as soon as this month, said one of the people, who asked not to be identified because the negotiations are private. HSBC is the second bidder to drop out of the process, after Russia’s biggest lender, OAO Sberbank, last month said it scrapped its plan to buy Denizbank because of “uncertain market conditions.”

The fading competition leaves Qatar National Bank with more leverage to complete a transaction in Turkey’s rapidly expanding economy. Turkey has been a popular target for deals in recent years as companies seek to tap its $735 billion economy, which grew 8.2 percent in the third quarter of 2011, the fastest increase among Group of 20 countries after China.

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