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HSBC eyes Dexia's Turkish unit

London, October 21, 2011

HSBC is weighing a bid for the Turkish retail operations of Franco-Belgian investment bank Dexia , The Financial Times said without citing its sources.

For HSBC, the deal would strengthen its position in Turkey where it has been present for two decades and further its aim to expand in emerging markets.

Two other bidders, including the Qatar National Bank  are also interested in the Turkish unit, which could be worth up to $6 billion.

Sberbank , Russia's No.1 lender, has also said it was looking at the bank as a potential acquisition target but had yet to begin talks last week.

Denizbank is seen as one of Dexia's best assets and a cheap way into the Turkish market, where banking licences are hard to obtain. A strong recovery from the global financial crisis of 2008-2009 has persuaded many long-term investors to look at Turkey.

Middle East unrest and debt crises in Europe and North America have made Turkish firms a natural target for Gulf investors, lured by the region's growth prospects.-Reuters




Tags: HSBC | Dexia | Turkish retail |

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