HSBC Holdings, Europe’s largest bank, is seeking to acquire Turkey’s Denizbank from Dexia, Bloomberg reports. OAO Sberbank and Qatar National Bank (QNB), the Persian Gulf country’s biggest bank by assets, are also competing to purchase a controlling stake in Denizbank.
QNB has hired Citigroup to advise on the transaction. If HSBC acquires Denizbank, the purchase will boost the former’s presence in Europe’s fastest-growing economy. Denizbank managed $21 billion in assets and had 540 branches in the country as of June.
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HSBC Holdings Dexia Turkey Europe Denizbank