Belgian bank buys into Turkish market
31st May 2006
Dexia, the Franco-Belgian banking group, is to follow in the footsteps of GE Finance and BNP Paribas among others by buying into Turkey. Dexia will pay $2.4 billion for a 75% share of Denizbank.
The Paris and Brussels-based bank is keen to gain a foothold in what is seen as one of Europe's key growth markets. Turkey's economy is expanding at more than 5% per annum at present and the country is for the first time facing a realistic possibility of EU accession, although this is unlikely to be realized for a number of years.
"Turkey is a country we have been considering for expansion for several years," said Axel Miller, Dexia's chief executive. Further details of the acquisition were not disclosed.
Sign up to our weekly newsletters for the latest industry news & comment.
- Unsubscribe details are contained within each Email
- To subscribe simply enter your Email address in the box above and click the subscribe button