FAB exploring purchase of Turkey’s Yapi Kredi Bank: Reports

Shares in Turkey’s Yapi Kredi Bank jumped almost 6 per cent on Friday after Bloomberg News reported that First Abu Dhabi Bank (FAB) was studying potential purchases in Turkey, including Yapi Kredi.

The Emirati lender is considering options as part of its hunt for growth opportunities overseas, Bloomberg said, citing people with knowledge of the matter.

Turkish conglomerate Koc Holding, Yapi Kredi’s majority owner, said in response there was no development requiring it to make a public disclosure.

“We may evaluate alternatives regarding our portfolio and engage in discussions with relevant parties as necessary at all times,” Koc said.

FAB looks at Turkish investments

FAB has held early exploratory talks with owners of several Turkish banks, Bloomberg said, citing sources.

FAB did not immediately respond to an emailed request for comment.

By 1025 GMT, Yapi Kredi’s shares had pared some of their gains to trade up 3.5 per cent.

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