Abraaj Group announced it acquired a minority stake in Turkish bank Fibabanka through one of its funds. “The investment from Abraaj will be used by Fibabanka to expand its franchise and support its growth.” CEO Arif Naqvi says “Abraaj’s partnership with Fibabanka marks our eighth global investment in the banking sector and our ninth in Turkey. It represents a compelling opportunity to tap into the underpenetrated banking sector in Turkey where 40 percent of the population remains unbanked and household leverage ratios are low as compared to Europe.” Reuters says Abraaj bought a 9.95% stake in Fibabanka, but further details were not disclosed. Partner and Regional Head of Turkey and Central Asia at The Abraaj Group, Selcuk Yorgancioglu, says the Group aims to “close at least one, possibly two or three more [agreements] this year. We love healthcare. People don’t postpone their healthcare spending. We also love FMCG. For us in FMCG, from food to diapers, everything is attractive. Although we look into B2B, we are keen on B2C.”