Company Insights DenizBank Banking & Finance DenizBank Overview DenizBank is a large private bank in Turkey owned by Emirates NBD. DenizBank began operating from a hotel room in Istanbul in 1997 after Zorlu Holding bought the licensing right for Denizcilik Bank. DenizBank proceeded to open 13 branches, including eight in Istanbul, and introduced internet banking in 1999. It expanded by acquiring branch offices from other banks, including Tarişbank in 2002. DenizBank’s IPO on the Istanbul stock exchange took place in 2004. In May 2006 Franco-Belgian bank Dexia bought a 75 percent stake in the company for $2.4 billion, with the remaining 25 percent of the shares held publicly. Russia’s Sberbank then bought DenizBank from Dexia for $3.6 billion in 2012. Then in 2018 Emirates NBD agreed to buy DenizBank from Sberbank, completing the deal in July 2019. Emirates NBD is the only shareholder, with 99.85 percent of shares. DenizBank News Banking & Finance Loan growth pushes Emirates NBD profit up 12% to $4bn Emirates NBD, Dubai’s biggest bank, reported a 12 percent year-on-year increase in net profit to AED13.8 billion ($3.8 billion), driven by increased lending and higher impaired loan recoveries. Total income reached AED21.4 billion after strong loan growth across all business segments coupled with a stable, low-cost funding mix. Lending grew 6 percent year on year […] July 18, 2024 Banking & Finance Emirates NBD Q1 profit rises 12% on global income growth Emirates NBD, Dubai’s largest bank by assets, said net profit rose 12 percent in the first quarter of 2024, thanks to income growth from its international network. Net profit for the first three months ended March 31 reached AED6.7 billion ($1.8 billion), up from AED6 billion a year ago. Total assets jumped to AED902 billion […] April 25, 2024 Analysis Banking & Finance GCC banks look to US and Europe GCC banks may be forced to look overseas to fulfil growth ambitions as home markets become increasingly saturated, experts say. While some banks have already ventured abroad – mainly into Turkey, Egypt and Pakistan, which constitute nearly a half of their presence outside the Gulf – more developed markets such as the US and Europe […] February 28, 2024 Trade UAE-Turkey trade set for 50% rise to $15bn in 2023 Bilateral trade between the UAE and Turkey is set to jump by 50 percent to hit $15 billion by the end of the year following the signing of a comprehensive economic cooperation agreement (Cepa) in September. “We have exceeded $14 billion in the first nine months of this year,” Daily Sabah newspaper reported, citing trade […] November 1, 2023 Trade UAE investment in Turkey nears $6bn since 2002 Foreign direct investment from the UAE to Turkey has surged to $5.6 billion (AED20.6 billion) from 2002 until August 2023, said Mesaid Ahmet Burak Daglioglu, head of the investment office of the Turkish presidency. Nearly 600 UAE companies are operating in Turkey as of the first half of 2023, he told the UAE state-owned Wam […] October 18, 2023 Analysis Banking & Finance Turkey and Egypt can trip up Gulf lenders says analyst Gulf banks are in a resilient position as oil production cuts crimp economic growth, but lenders could face headwinds from macroeconomic volatility in Egypt and Turkey, an S&P Global analyst said this week. In Turkey, Dubai’s Emirates NBD owns Denizbank and Qatar National Bank owns QNB Finansbank, the country’s eighth and ninth largest banks by […] October 12, 2023 Banking & Finance Emirates NBD to expand sustainable finance offering Dubai’s largest lender Emirates NBD plans to increase its provision of sustainable finance, including directly issuing green debt and other instruments to support social and environmental aims. The bank previously issued ESG-linked debt instruments via its investment banking arm, EmCap (Emirates NBD Capital), in 2019 for what it claims was the region’s first corporate green […] September 7, 2023 Banking & Finance Gulf sees potential in Turkish energy and defence Saudi Arabia and the UAE will invest in the Turkish defence and energy sectors, new reports citing identified sources suggest. If the Reuters report is accurate, the expected investments reflect a growing closeness between Turkey and the longstanding Gulf allies. Gulf support could be vital for Turkey, which is struggling with soaring inflation, a collapse […] June 22, 2023 Analysis Economy Gulf awaits vital Turkish election results The Turkish presidential and parliamentary elections on Sunday will be keenly watched by Gulf investors who have bet billions of dollars on the world’s 19th-largest economy. Should incumbent president Recep Tayyip Erdoğan and his ruling AK Party again prevail in the votes, Turkey will maintain its unorthodox monetary policies. The central bank has slashed interest […] May 12, 2023 Analysis Banking & Finance UAE’s biggest banks mull overseas acquisitions As domestic loan growth wanes, the UAE’s top two banks are eyeing foreign acquisitions to bolster their income. First Abu Dhabi (FAB) and Dubai’s Emirates NBD are majority owned by their respective emirates’ governments or ruling families and are ranked second and sixth in the Middle East and Africa in terms of bank assets, according […] March 9, 2023 Posts navigation 1 2 Next
Banking & Finance Loan growth pushes Emirates NBD profit up 12% to $4bn Emirates NBD, Dubai’s biggest bank, reported a 12 percent year-on-year increase in net profit to AED13.8 billion ($3.8 billion), driven by increased lending and higher impaired loan recoveries. Total income reached AED21.4 billion after strong loan growth across all business segments coupled with a stable, low-cost funding mix. Lending grew 6 percent year on year […] July 18, 2024
Banking & Finance Emirates NBD Q1 profit rises 12% on global income growth Emirates NBD, Dubai’s largest bank by assets, said net profit rose 12 percent in the first quarter of 2024, thanks to income growth from its international network. Net profit for the first three months ended March 31 reached AED6.7 billion ($1.8 billion), up from AED6 billion a year ago. Total assets jumped to AED902 billion […] April 25, 2024
Analysis Banking & Finance GCC banks look to US and Europe GCC banks may be forced to look overseas to fulfil growth ambitions as home markets become increasingly saturated, experts say. While some banks have already ventured abroad – mainly into Turkey, Egypt and Pakistan, which constitute nearly a half of their presence outside the Gulf – more developed markets such as the US and Europe […] February 28, 2024
Trade UAE-Turkey trade set for 50% rise to $15bn in 2023 Bilateral trade between the UAE and Turkey is set to jump by 50 percent to hit $15 billion by the end of the year following the signing of a comprehensive economic cooperation agreement (Cepa) in September. “We have exceeded $14 billion in the first nine months of this year,” Daily Sabah newspaper reported, citing trade […] November 1, 2023
Trade UAE investment in Turkey nears $6bn since 2002 Foreign direct investment from the UAE to Turkey has surged to $5.6 billion (AED20.6 billion) from 2002 until August 2023, said Mesaid Ahmet Burak Daglioglu, head of the investment office of the Turkish presidency. Nearly 600 UAE companies are operating in Turkey as of the first half of 2023, he told the UAE state-owned Wam […] October 18, 2023
Analysis Banking & Finance Turkey and Egypt can trip up Gulf lenders says analyst Gulf banks are in a resilient position as oil production cuts crimp economic growth, but lenders could face headwinds from macroeconomic volatility in Egypt and Turkey, an S&P Global analyst said this week. In Turkey, Dubai’s Emirates NBD owns Denizbank and Qatar National Bank owns QNB Finansbank, the country’s eighth and ninth largest banks by […] October 12, 2023
Banking & Finance Emirates NBD to expand sustainable finance offering Dubai’s largest lender Emirates NBD plans to increase its provision of sustainable finance, including directly issuing green debt and other instruments to support social and environmental aims. The bank previously issued ESG-linked debt instruments via its investment banking arm, EmCap (Emirates NBD Capital), in 2019 for what it claims was the region’s first corporate green […] September 7, 2023
Banking & Finance Gulf sees potential in Turkish energy and defence Saudi Arabia and the UAE will invest in the Turkish defence and energy sectors, new reports citing identified sources suggest. If the Reuters report is accurate, the expected investments reflect a growing closeness between Turkey and the longstanding Gulf allies. Gulf support could be vital for Turkey, which is struggling with soaring inflation, a collapse […] June 22, 2023
Analysis Economy Gulf awaits vital Turkish election results The Turkish presidential and parliamentary elections on Sunday will be keenly watched by Gulf investors who have bet billions of dollars on the world’s 19th-largest economy. Should incumbent president Recep Tayyip Erdoğan and his ruling AK Party again prevail in the votes, Turkey will maintain its unorthodox monetary policies. The central bank has slashed interest […] May 12, 2023
Analysis Banking & Finance UAE’s biggest banks mull overseas acquisitions As domestic loan growth wanes, the UAE’s top two banks are eyeing foreign acquisitions to bolster their income. First Abu Dhabi (FAB) and Dubai’s Emirates NBD are majority owned by their respective emirates’ governments or ruling families and are ranked second and sixth in the Middle East and Africa in terms of bank assets, according […] March 9, 2023
