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Deniz Bank becomes Turkey’s 12th bank with Arab stake ownership: report

In 2016 Qatar’s National Bank bought NBG Finansbank, changing its name to QNB Finansbank.

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The transfer of 99.85 percent of Deniz Bank shares to the Dubai-based Emirates NBD bank has been completed, Deutsche Welle Turkish service reported on Wednesday, making it the 12th Turkish bank whose shares have been bought with Arab capital.

The Turkish bank’s majority shares previously belonged to Russian Sberbank, which made a deal with Dubai bankers in April for $2.77 billion.

Hakan Ateş, the general director of Deniz Bank, said the bank just changed hands for the fourth time and hoped it was the last time.

According to the Turkish Banks Association (TBB), Deniz Bank is the 10th largest bank in a country in which 46 percent of bank shares are foreign owned.

In 2016 Qatar’s National Bank bought NBG Finansbank, changing its name to QNB Finansbank.

A total of 49.85 percent of Garanti Bank’s shares were bought by Spanish BBVA, while Italian Unicredit holds a 40.95 percent stake in Yapı Kredi Bank.

Source: Turkish Minute

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