First Abu Dhabi Bank said to eye Turkey for overseas push

First Abu Dhabi Bank said to eye Turkey for overseas push

Deliberations are still at a preliminary stage and there's no certainty that FAB will ultimately pursue a deal.

Image Credit: Gulf News archives

First Abu Dhabi Bank PJSC is studying potential acquisition targets in Turkey, including Yapi Ve Kredi Bankasi AS, as part of the lender's hunt for growth opportunities overseas, according to people with knowledge of the matter.

FAB, as the UAE's largest lender is known, has held early exploratory talks with the owners of several Turkish banks, the people said. For several months, its been evaluating the possibility of acquiring Yapi Kredi, which is currently valued at 241.6 billion liras ($7.6 billion), according to the people, who asked not to be identified because the information is private.

Deliberations are still at a preliminary stage and there's no certainty that FAB will ultimately pursue a deal, the people said. Representatives for FAB, Yapi Kredi and Koc Holding AS, the Turkish lender's majority owner, declined to comment.

Yapi Kredi shares rose 9.4 per cent to their highest level on record. Koc's stock traded as high as 8 per cent before paring those gains to 4.4 per cent at 10:17 a.m. in Istanbul.

FAB is the latest UAE lender to express interest in