30.06.2026 11:40
Emirates NBD, the owner of DenizBank, is reportedly in talks to acquire HSBC's operations in Turkey. Sources speaking to Bloomberg indicated that official discussions have begun, but the process is still in its early stages. No official statement has been made by the parties involved, and it was noted that the talks may not result in an agreement.
Emirates NBD PJSC, one of the largest financial groups in the United Arab Emirates, is reportedly in talks to acquire the Turkey operations of UK-based HSBC Holdings Plc. Sources close to the process told Bloomberg that formal contacts have begun between the two banks.
COULD BE EMIRATES NBD'S SECOND MAJOR MOVE IN TURKEY
Dubai-based Emirates NBD already holds a significant position in the Turkish banking sector. The financial group acquired a 99.85% stake in DenizBank for approximately $3 billion in 2019, following negotiations with Russia's largest bank, Sberbank.
Emirates NBD's intention to also incorporate HSBC Turkey operations is seen as a new step in its strategy to expand its market share and operational network in Turkey.
TALKS CONDUCTED CONFIDENTIALLY
According to sources close to the process, the negotiations are being conducted confidentially. Although discussions have begun between the parties, no official announcement has been made yet. Sources noted that Emirates NBD wants to strengthen its presence in the Turkish market, while emphasizing that the talks are at an early stage.
DEAL NOT FINAL
Officials familiar with the discussions stated that the outcome of the process remains uncertain. It was also noted that a definitive agreement may not be reached between the parties and the negotiations could result negatively. No official statement has yet been made by Emirates NBD or HSBC on the matter.