Emirates NBD in talks to buy Turkey's Denizbank

30/01/2018 13:25 AST

Emirates NBD is in talks to acquire a majority stake in Turkish bank Denizbank from Russia's Skerbank, the Dubai-based lender said.

"Discussions are at a very preliminary stage and there is no certainty that any transaction will be entered into," Emirates NBD, Dubai's biggest bank by assets, said in a statement on Tuesday.

"Emirates NBD routinely evaluates potential opportunities in different markets. A further announcement will only be made if there is a material development."

Banks from the GCC and China have expressed interest in the lender, sources told Reuters on Monday. Shares in the Turkish bank soared 14 per cent to a four-month high on Monday on the news.

Emirates NBD's vice chairman and managing director Hesham Al Qassim said earlier this month the bank planned to open a representative office in Turkey this year "to better support our customer network".

The bank plans to expand its network in Egypt and Saudi Arabia as part of its international growth plans for the year.

Denizbank is Turkey's 15th largest bank by assets, according to data compiled by Bloomberg.

Skerbank acquired a 99.9 per cent stake in Denizbank, the Turkish unit of Franco-Belgian bank Dexia, for $3.5 billion in 2012, after the latter's demise following the 2011 European sovereign debt crisis.


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