Commercial Bank Investment and Financial Highlights
Strategic Investment in Alternatif Bank of Turkey
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Transaction
Highlights
Commercial Bank now owns 100% of Alternatif Bank with full Board control
Initial 75% stake in Alternatif Bank acquired in 2013
Acquisition in-line with business/geographic diversification strategy
Alternatifbank Key Highlights
Established in 1991
Mid-size Turkish bank that predominately serves medium sized
companies through a country network of 49 branches
The Bank's main product ranges cover trade finance instruments,
working capital finance, cash management and portfolio
management
Two major subsidiaries in Leasing and Investment Banking areas
Recently rebranded with CB logo
Governance
CB fully controls board
CB representation on all Board committees
Close liaison between CB and Alternatif Bank management
Alternatifbank Financial Highlights
Changed management in late 2017
Tightened lending for 2018, focus on improving performance at the
operating level while taking a prudent provisioning approach
Now started joint transactions with CB leveraging CB balance sheet,
example being the recent Mayhoola transaction
Total assets of TL 29bn as of 30th September 2019
For consolidation into CB's financial statements, Alternatif Bank
Group delivered a net profit of TL 170m for 9m 2019 as compared
with TL 92m in 9m 2018
Alternatif Bank contributes 12% to CB balance sheet and 7% to its
profit and loss
Alternatif Bank provides commercial/corporate banking services and products
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