Qatar First Investment Bank acquires a stake in a Leading Turkish based healthcare provider

QFIB announced that along with ARGUS Capital acquired a 40% minority stake in Memorial Health Group (MHG)

Qatar First Investment Bank (QFIB) announced that along with ARGUS Capital, a London based private equity house, acquired a 40% minority stake in Memorial Health Group (MHG), one of the leading healthcare providers in Turkey.

MHG began operations in February 2000 and is among the top two ‘class A’ healthcare groups in Turkey, offering high quality service with well respected physicians and state-of-the-art equipment. MHG offers a full range of medical services covering 41 branches of medicine including, but not limited to, general surgery, cardiology, cardiovascular surgery, organ transplants, neurosurgery, and orthopaedics.

MHG’s main hospital complex is located in Okmeydani in Istanbul, a 55,000 square meter facility with a 214 bed capacity. In addition, MHG also operates two other complexes, one on the Asian side of Istanbul in Atasehir district with 114 bed capacity and the other in the Bahcelievler on the European side with a 148 bed capacity. MHG also operates a complex in Antalya in addition to two outpatient polyclinics both located in Istanbul.

A proven market leader, MHG was the first hospital to receive the Joint Commission International Accreditation in 2002 and has since renewed in 2005 and 2008. It was also the first private hospital to carry out liver and kidney transplantation and blood-type incompatible pediatric liver transplantation.

Commenting on the agreement, Abdullah Bin Fahad Bin Ghorab Al Marri, Chairman of Qatar First Investment Bank, said: “Healthcare is a key sector for QFIB. It is a growing sector in the MENA region and is resilient to economic downturns due to the necessity of the services. Turkey, being the largest Islamic country in Europe and the Middle East, is an extremely important market. The acquisition of a stake in Memorial Health Group, the leading Turkish healthcare provider with a growing number of patients nationwide, is a clear indication of our intention to diversify and establish ourselves in a number of key growth industries.”

“This is our second deal in the health care sector and we are confident that our stake in Memorial Health Group will result in significant growth. The company has a proven track record of success. Their market share and future plans make them exactly the type of company we look to invest in,” he concluded.

QFIB and ARGUS Capital were advised by Daruma Corporate Finance on this transaction, the leading healthcare advisory company in Turkey. As the originator of the deal Daruma Corporate Finance contributed to the success of this acquisition by aligning the interests of all parties concerned through the negotiation, due diligence and closing processes.

Turgut Aydın, President and Chairman of Memorial Health Group said: “We are pleased to welcome QFIB into the group as an investor and advisor. QFIB enjoys a sound reputation as a fast growing bank with a diverse shareholder base. Their experience and unique expertise will undoubtedly benefit Memorial Health Group as we endeavor to continue developing our offer in Turkey and abroad. QFIB shares our vision in maintaining MHG’s leadership position in the growing healthcare sector.”

Managing Partner of ARGUS Capital, Ali R. Artunkal commented, “We consider the investment in Memorial as our landmark entry to the Turkish market which we have been actively focusing on in the past three years, and we are excited about Memorial’s remarkable development and future growth potential which we shall work together with our partners, the Aydin Family, QFIB and Memorial’s management to realize.”

Qatar First Investment Bank hosts special Garangaou iftar for children of the Dhreima Friends Club

QFIB started its annual “Ramadan Blessings” campaign by hosting an iftar for the children of the Dhreima Friends Club to celebrate the Garangaou

Qatar First Investment Bank (QFIB) started its annual “Ramadan Blessings” campaign by hosting an iftar for the children of the Dhreima Friends Club to celebrate the Garangaou. This is the first of a series of community related activities planned during the Holy month of Ramadan.

QFIB management, staff and their families invited the children and staff of Dhreima Friends club to join them at the Diplomatic Club where they were entertained with a variety of activities including face painting, henna drawing and fun games. The children were also given traditional Garangaou bags and gifts to mark the special occasion.

Garangaou is a special Qatari tradition for children and is celebrated on the 14th of Ramadan. Children often dress up in traditional gowns and visit neighbors and friends, chanting songs and prayers for the wellbeing of the residents of the house. In return, the children are given nuts and sweets.

Mike de Graffenried, CEO of QFIB said, “Ramadan is a special month. It promotes solidarity and brotherhood. As a conscious corporate citizen and an Islamic institution QFIB is committed to reach out to the local community and contribute to its welfare. We are delighted to share the celebrations of the Garangaou with the children of the Dhreima Friends Club, for the second year. The Garangaou celebration is a worthwhile opportunity for QFIB employees and their families to observe such a tradition and to strengthen ties with members of the local community during the special month of Ramadan.”

Wajeeda Abdulla, the director of the social activities from Dhreima Friends Club said,” We thank Qatar First Investment Bank for hosting our children for the second year. Such a celebration helps in preserving a Qatari tradition as well as creating a bond between different members of the community. This clearly indicates the bank’s strong belief in solidarity and commitment to Shari’ah principles.”

Dhreima Friends Club aims to provide an integrated Islamic system of care and shelter for orphans in the State of Qatar. Dhreima believes ensuring the welfare of orphans is the responsibility of society which is why partnering with other local organisations is an important aspect of their work.

Qatar First Investment Bank continues to deliver on commitment to training Staff

QFIB today announced the completion of an employee training program on anti money laundering (AML) and countering financial terrorism (CFT).

Qatar First Investment Bank (QFIB), the leading Shar’iah-compliant, unaffiliated investment bank, today announced the completion of an employee training program on anti money laundering (AML) and countering financial terrorism (CFT).

Training day

The first workshop, held on Tuesday, August 3rd, was delivered by Mr. Reza Zaidi, Head of Compliance and Mr. Duncan Gore, Compliance & AML Manager at QFIB. Senior members of the Strategic Investment and Private Equity departments were updated on the latest rules and regulations of the Qatar Financial Centre and were provided a refresh of applicable Qatari laws. The in-house training session was tailored to staff responsibilities with regards to AML and CFT and included case studies to illustrate the importance of this issue.

“Although AML and CFT have always been a key area of consideration for QFIB, we have recently increased efforts to ensure that the bank remains ahead of the curve both in terms of internal control as well as practical application in this area,” explained Mr. Zaidi. “These interactive training sessions have been developed to provide staff with an insight into their AML and CFT responsibilities in line with legal and regulatory rules as well as global best practice.”

“QFIB is keen to ensure that employees are well informed and up-to-date with the latest industry standards, including those for anti-money laundering and countering financial terrorism,” said Mike de Graffenried, Chief Executive Officer of QFIB.

“Training workshops like these also contribute to protecting the interests of our clients and shareholders and ultimately, help QFIB achieve better performance, avoid risk and enhance success,” he concluded