Dubai-based Emirates NBD is in early-stage negotiations to acquire HSBC’s Turkish operations, sources said, marking a strategic expansion in Türkiye.
Emirates NBD is in preliminary discussions to acquire HSBC’s business in Türkiye, though no agreement has been reached. The talks remain uncertain, with both banks declining to comment on market speculation.
HSBC, once a major player in Türkiye, has scaled back its presence in recent years. It now ranks as the country’s 15th-largest lender by assets, holding just 0.3% of total loans, and operates about 36 branches, down from 315 in 2013. Emirates NBD, which already owns Denizbank in Türkiye, has been expanding its footprint in the region.
The potential deal aligns with Emirates NBD’s broader growth strategy, including a planned $3.05bn investment in India’s RBL Bank. HSBC, under new leadership, has focused on core markets since 2024.