First #AbuDhabi Bank Said to Eye #Turkey for Overseas Push - Bloomberg

First Abu Dhabi Bank Said to Eye Turkey for Overseas Push - Bloomberg

First Abu Dhabi Bank PJSC is studying potential acquisition targets in Turkey, including Yapi Ve Kredi Bankasi AS, as part of the Emirati 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 and Yapi Kredi declined to comment.

“As an investment holding company, we may evaluate alternatives regarding our portfolio and engage in discussions with relevant parties as necessary at all times,” the Turkish lender’s majority owner, Koc Holding AS, said in a statement to the stock exchange. Koc said it was responding to investor queries about an unspecified report that a Middle Eastern bank is studying acquisition targets in Turkey.