Qatar National Bank (QNB) agreed on Tuesday to acquire Turkish Finansbank, the Qatari bank said in a statement.
QNB will purchase the shares in Finansbank owned by the National Bank of Greece (NBG), the Greek bank holds a 99.81 percent stake in the Turkish bank, for 2.7 billion euros ($2.94 billion), the statement said.
QNB, the largest bank in the Gulf region, plans to finance the deal with its own funds, and expected to close the deal in the first half of next year, but the agreement will be subject to regulatory approval.
For NBG, which bought the Turkish lender for about $5 billion in 2006, the funds from the sale are intended to be used for the recapitalisation of the Greek bank, along with funds expected under the terms of the Greek government's bailout agreement with its European creditors.
Finansbank reported 504 million Turkish lira ($178 million) in profit in the first half of 2015.