Eczacibasi in Talks to Buy Taib Bank’s Turkish Unit, Sabah Says

Eczacibasi Holding AS, a Turkish group with interests in finance, drug-making and building materials, is in talks to acquire Taib Bank EC’s Turkish unit, Sabah reported, without saying where it got the information.

Eczacibasi’s efforts to get a license to set up an investment bank from the Turkish banking watchdog haven’t triggered a positive response in more than a year and this prompted the Istanbul-based group to consider buying a bank instead, the newspaper said.

Dubai’s ruler Sheikh Mohammed bin Rashid Al Maktoum’s Dubai Financial Holding owns 60 percent of the Bahrain-based Taib Bank, Sabah said.

To contact the reporter on this story: Ercan Ersoy in Istanbul eersoy@bloomberg.net.

To contact the editor responsible for this story: Benedikt Kammel at bkammel@bloomberg.net.

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