Mubasher: Qatar First Bank (QFB) on Sunday announced that one of its subsidiaries has signed a conditional sale agreement with EHM Magazacilik San (English Home), wholly owned by the Aydin Family.

According to the agreement, QFB sold its full stake of 40% in the Turkish company, according to the bank’s filing to the Qatar Stock Exchange (QSE).  

Subject to the fulfillment of all conditions and the receipt of all approvals and prior to completion of the transaction, the bank will notify the QSE of the deal.

The deal amount does not represent more than 10% of the bank's total assets, according to the statement. The Qatari lender expects to close the transaction in the fourth quarter of 2018.

By 10:48 am Qatar time, QFB’s stock went down 0.37% at QAR 5.34.