First Abu Dhabi Bank (FAB) is reportedly mulling an acquisition of Turkish lender Yapi Kredi, valued at USD 7.6 bn, as part of a global expansion strategy, Bloomberg reports, citing unnamed sources.

Nothing is set in stone: The talks remain in early stages, Bloomberg’s sources said. Neither Yapi Kredi nor FAB commented on the reports. “As an investment holding company, we may evaluate alternatives regarding our portfolio and engage in discussions with relevant parties as necessary at all times,” Yapi Kredi’s majority owner, Koc Holding AS, said in a statement in response to reports of a MENA investor’s interest in acquisitions in Turkey, according to Bloomberg.

FAB isn’t the only UAE bank to have shown interest in Turkish investments: Dubai Islamic Bank announced in September that it plans to purchase a 20% stake in Turkey's TOM Group of Companies.

REMEMBER- Ties between the UAE and Turkey have warmed as of late: Last year, the UAE inked over USD 50 bn in agreements with Turkey during a visit from Turkish President Recep Tayyip Erdogan, including commitments to develop energy and natural resources projects and a trade agreement.

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