Mubasher: The Commercial Bank of Qatar (CBQ) is committed to allocating $300 million to support Turkey’s Alternatifbank's growth, said CEO Josef Abraham.

The CBQ’s investments in the Turkish bank amount to $1 billion, which is the largest investment by a company in Qatar’s private sector in Turkey, according to Qatar’s Raya newspaper.

The CEO explained that the group aims to transfer its international experience to Alternatifbank, so as to take it to a new phase of sustainable growth backed by the governance of strong companies.

Meanwhile, Alternatifbank’s CEO Cenk Kaan Gur said that the Turkish bank was set to grow significantly in the coming years, as its branches are expected to increase to between 70 and 75 branches over the next three years.

The Turkish bank achieved net profits of TRY 49 million (QAR 47.24 million) in 2017 on the back of higher loans and deposits.

Meanwhile, the CBQ’s earnings rose 20.6% to QAR 603.65 million in 2017 from QAR 500.75 million in 2016.