UAE’s First Abu Dhabi Bank (FAB) has filed a statement in Abu Dhabi Securities Exchange (ADX) on Wednesday, following a news report on Tuesday linking the bank to a majority acquisition of the Istanbul-based bank Yapi Kredi, the fourth-largest private bank in Turkey.
According to an exclusive report by Reuters, and based on three sources close to the matter, FAB was said to be in advanced talks with Turkish conglomerate Koc Group, to buy its 61.2 percent stake in Yapi Kredi for about $8 billion.
In Wednesday’s statement to ADX, FAB did not deny, or accept the report as correct.
“FAB is aware of recent media speculation,” the statement read.
“The bank is focused on executing its growth strategy and continuously maintaining strong returns to its shareholders. The bank may engage in strategic discussions on growth potential to its operational network that has a strategic fit with its overall banking operation.
“Material disclosures will be made to the market in accordance with the regulatory requirements.”
In a statement to the Istanbul bourse, Koc Holding said it was holding preliminary talks on the sale of Yapi Kredi shares, but did not confirm that they were in talks with FAB.
The statement from Koc read: “Although preliminary discussions of a similar nature continue regarding the issue reflected in the media, there are no developments that require public disclosure.”
Earlier this month, the largest bank in the UAE announced a net profit of AED4.2 billion and revenue of AED8 billion, up 18 percent year-on-year, for the first quarter of 2024. Its total assets stood at AED1.24 trillion ($336 billion), loans at AED508 billion and deposits at AED803 billion, all historical highs.
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