QNB Finansbank shutting down over 25 branches across Turkey

Turkey’s privately-owned QNB Finansbank is preparing to close down 27 branch locations throughout the country, Patronlar Dünyası website reported on Monday.

QNB Finansbank, the Turkish unit of Qatar National Bank (QNB) and one of the top five privately owned banks in the country, leaves behind a promising year, emerging as the only bank to increase its gross and net profit.

The bank increased its net profit by 12 percent in 2019 to 1.9 billion liras.

Turkey's economy grew 0.9 percent year-on-year in the third quarter, breaking three consecutive quarters of contraction as it recovers from a recession, which followed a currency crisis that sent the lira on a downward spiral last year. 

The bank is among the 18 Turkish banks, whose long-term foreign-currency bank deposit ratings Moody’s downgraded to B3 from B2 in June this year. 

Customers were notified of the closures via SMS messaging, the website said, adding that the staff at the bank’s closed locations will be reassigned to new branches.

QNB acquired a 99.81 percent stake in Finansbank in 2015 from the National Bank of Greece (NBG), Greece's largest bank, for $ 2.9 billion.