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Emirates NBD PJSC is in early-stage talks to acquire the Turkish operations of HSBC Holdings PLC, Bloomberg reported on Tuesday, citing people familiar with the matter. Discussions between Emirates NBD and HSBC remain preliminary and may not result in a transaction, Bloomberg said. Bloomberg said the Dubai-based lender is seeking to expand its presence in Turkey following management changes at its local business, including the appointment of a new chief executive officer in 2024. Emirates NBD entered the Turkish market in 2019 through the acquisition of Denizbank from Russia’s Sberbank. An HSBC spokesperson told Bloomberg: ‘We do not comment on market speculation.’ Emirates NBD declined to comment, according to the report. HSBC has reduced its business in Turkey over the past decade and is now Turkey’s 15th-largest lender by assets, according to industry figures cited by Bloomberg. Denizbank ranks ahead of HSBC as Turkey’s 9th-largest lender. Shares in HSBC were up 0.5% to 1,431.31 pence in London on Tuesday morning. Copyright 2026 Alliance News Ltd. All Rights Reserved.
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