Azernews.Az

QATAR First Investment Bank (QFIB) has acquired a 40 percent stake in English Home, a leading retailer of home textile products in Turkey. However, no financial details of the acquisition were disclosed, Qatar Tribune reported.

The acquisition marks QFIB's first venture into the retail sector and the second in the Turkish market, it said in a statement.

Commenting on the acquisition, QFIB Chairman Abdulla bin Fahad al Marri said, "This acquisition is our second in Turkey which has recently received an investment grade by Fitch due to its high-performing economy. Our venture into the retail sector comes at an opportune time, as consumer spending in Turkey is expected to increase along with an increase in foreign direct investment."

English Home, established in 2008, is a home textile retailer with a strong presence in the Turkish market. The number of its stores increased from three in 2008 to over 115 in 2012 across Turkey and Ukraine in addition to franchises in Cyprus, Albania, Azerbaijan and Iraq.

According to the statement, QFIB's role will be to assist the firm in achieving its ambitious growth targets through institutionalisation of business operations and setting in place best-in-practice corporate governance standards.

QFIB CEO Emad Mansour said, "English Home owned by the Aydin Family, who are also our partners in Memorial Health Group, is a model success story."

Yasar Aydin, chairman of Turgut Aydin Holding Company said:"Given Turkey's favourable market dynamics, we are confident that with QFIB's support we will be able to capitalise on the growing demand for home textiles and to further build upon English Home's recent success."

QFIB made a net profit of $25.8m in 2011, up 20 percent from 2010, according to the company's website.