Dubai Islamic Bank widens reach with 20% stake in Turkey’s digital bank operator T.O.M. Group

Dubai Islamic Bank widens reach with 20% stake in Turkey’s digital bank operator T.O.M. Group

The H1-2023 financials provided enough ballast for all of the UAE's blue-chip banks on key numbers.

Image Credit: Bloomberg









Dubai: The spreading out of UAE’s biggest financial institutions into overseas markets continues, with Dubai Islamic Bank taking a stake in a group that owns a digital bank in Turkey. DIB will acquire 20 per cent shareholding across the T.O.M. Group with an option to increase this to 25 per cent within 12 months.



The Turkish entity owns T.O.M. Katılım Bankası A.Ş. (the first licensed digital retail bank in the country), T.O.M. Pay Elektronik Para ve Ödeme Hizmetleri A.Ş. (an e-money company) and T.O.M. Finansman A.Ş. (specializing in developing digital products) and their subsidiaries.







“Central to our growth ambitions has been the bank's ability to effectively formulate winning strategies amidst shifting industry dynamics,” said Dr. Adnan Chilwan, DIB Group’s CEO. “Our entry into the Turkish banking sector through the investment in a digital financial group represents this dynamic approach to an ever-evolving market environment.”



This week had already seen the announcement by Abu Dhabi National Insurance Co. to spend SR499 million for a 51 per cent stake