According to Bloomberg, First Abu Dhabi Bank, based in the United Arab Emirates, is in talks to purchase shares in Yapi Kredi. In the statement made by Koc Holding, it was stated that “There is no development that requires public disclosure.”
First Abu Dhabi Bank PJSC is in talks for a potential share purchase from Yapi Ve Kredi Bankasi. It was stated that the talks were at an early stage.
Sources speaking to Bloomberg stated that FAB, the UAE’s largest bank, held meetings with the owners of more than one bank in Turkiye.
FAB, Yapi Kredi and Koc Holding did not comment to Bloomberg on the issue.
Following President Recep Tayyip Erdogan’s visit to the Gulf region in June, FAB became the last Emirati bank to be interested in assets in Turkiye. Previously, Dubai Islamic Bank announced that it would buy 20 percent shares from TOM Group.
Gulf banks see Turkiye as a potential market for growth due to its geographical proximity, familiarity with the banking system and population of more than 85 million. 54 banks in the UAE serve the country of 9.5 million.
Dubai-based Emirates NBD acquired Denizbank for $2.8 billion in 2019. Saudi and Kuwaiti banks have been in Turkiye for a long time. Saudi Arabia’s largest bank, National Commercial Bank, purchased Turkiye Finans Katilim Bankası for $1.08 billion in 2007. Kuwait Finance House, on the other hand, established Kuveyt Turk Participation Bank, which it owns wholly, in Turkiye in 1989.
Koc Holding: There is no development that requires public disclosure
On the other hand, Koc Holding made a statement to the Public Disclosure Platform (KAP) regarding the issue: Regarding the Bloomberg news that Abu Dhabi-based FAB is in share purchase negotiations with Yapi Kredi, “As a holding company, studies and discussions can be carried out at any time to evaluate the alternatives that may come to the fore regarding our portfolio.”
In the statement, “In this context, there is no development regarding the issue reflected in the media that would require a public disclosure within the scope of the CMB Special Circumstances Communiqué, and this statement was made in response to questions from our investors.”
Source: Bloomberght / Prepared by Irem Yildiz