First Abu Dhabi Bank Said to Eye Turkey for Overseas Push
- Yapi Kredi, valued at $7.6 billion, said to be possible target
- It would be latest attempt by Emirati lender at overseas M&A
First Abu Dhabi Bank is the UAE’s largest lender.
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First Abu Dhabi Bank PJSC is studying potential acquisition targets in Turkey, including Yapi Ve Kredi Bankasi AS, as part of the Emirati lender’s hunt for growth opportunities overseas, according to people with knowledge of the matter.
FAB, as the UAE’s largest lender is known, has held early exploratory talks with the owners of several Turkish banks, the people said. For several months, its been evaluating the possibility of acquiring Yapi Kredi, which is currently valued at 241.6 billion liras ($7.6 billion), according to the people, who asked not to be identified because the information is private.