Belgium’s fortis bank has agreed to buy an 89.3% stake in Turkiye Dis Ticaret Bankasi (Disbank), for €985m. Disbank, Turkey’s seventh largest commercial bank, is part of Dogan Holding, one of the nation’s biggest conglomerates. The acquisition is a further sign of increasing foreign interest in the Turkish banking sector.
Fortis CEO Jean-Paul Votron, who joined Fortis from Citigroup late last year, said the acquisition is part of its strategy to expand activities in the enlarged EU.
“The acquisition of Disbank is in line with our financial targets. Turkey with its 70 million young inhabitants, its many small and mid-sized companies and strong entrepreneurship is a rapidly developing market,” he said.
