{"id":99863,"date":"2025-01-21T00:00:00","date_gmt":"2025-01-21T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/dib-ups-stake-in-turkeys-tom-group-to-25\/"},"modified":"2025-01-21T00:00:00","modified_gmt":"2025-01-21T00:00:00","slug":"dib-ups-stake-in-turkeys-tom-group-to-25","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2025\/01\/21\/dib-ups-stake-in-turkeys-tom-group-to-25\/","title":{"rendered":"DIB ups stake in Turkey\u2019s TOM Group to 25%"},"content":{"rendered":"

DFM-listed <\/strong>Dubai Islamic Bank (DIB)<\/a><\/strong> raised<\/strong> its shareholding in Turkey\u2019s <\/strong>TOM Group of<\/a><\/strong>financial services companies<\/a><\/strong>, according to a disclosure<\/a> to the exchange. The group comprises Turkey\u2019s first licensed digital retail bank TOM Kat\u0131l\u0131m Bankas\u0131 (TOM Bank)<\/a>, e-payments company T.O.M. Pay, and fintech player T.O.M. Finansman, along with their subsidiaries. <\/p>\n

The details: <\/strong>DIB raised its stake in the group to 25%, up from 20%. The acquisition comes just 16 months after DIB\u2019s initial investment<\/a> in the group, which included an option to bump up its holding within 12 months of the transaction.<\/p>\n

The pitch: <\/strong>The transaction was driven by TOM Group\u2019s strong market performance and the successful launch of its digital bank, Group CEO of DIB Adnan Chilwan said, adding that \u201cthe increased shareholding not only solidifies DIB's position as a key stakeholder in Turkey\u2019s thriving digital banking sector but also underscores our deep-rooted belief in the country\u2019s strategic intent around tech-based economic development.\u201d<\/p>\n

A snapshot of TOM Bank\u2019s 1H 2024 earnings<\/strong>: <\/strong>The digital bank recorded a net loss of TRY 209.8 mn during the first half of 2024 down from a net income of TRY 88.8 mn in 1H 2023, according to its latest financial statement (pdf)<\/a>. <\/p>\n

Other Emirati players have an<\/strong> appetite for Turkey\u2019s banking sector:<\/strong> In October 2024<\/a>, Abu Dhabi sovereign wealth fund ADQ inked a definitive agreement with a consortium led by Lebanese lender Bank Audi<\/a> to acquire 96% of Odeabank<\/a>, currently Bank Audi\u2019s subsidiary in Turkey. Additionally, First Abu Dhabi Bank (FAB) was also reportedly close to finalizing talks to take a 61.2% stake in Yapi Kredi<\/a>, but negotiations were terminated as seller Koc sought a higher price. Emirates NBD fully acquired Denizbank from Sberbank for TRY 14.6 bn in 2019<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

The group includes Turkey\u2019s first digital bank TOM Kat\u0131l\u0131m Bankas\u0131 (TOM Bank) and its subsidiaries<\/p>\n","protected":false},"author":1,"featured_media":99864,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2392],"tags":[188,7,1344,60,257],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-99863","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch-2","tag-dubai-islamic-bank","tag-enterpriseam-uae","tag-ma","tag-ma-watch","tag-turkey","wpautop","entry"],"acf":{"mongo_id":"8a6527c9-3680-44d1-9f69-568a45037e0c","order":"5","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/1\/2063.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Dubai Islamic Bank ups stake in Turkey\u2019s TOM Group to 25%","related_issue":[99854],"teaser":"The group includes Turkey\u2019s first digital bank TOM Kat\u0131l\u0131m Bankas\u0131 (TOM Bank) and its subsidiaries","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/1\/.03e5f4c2-d880-4055-a156-ea39ef3cbf92.mp3"},"yoast_head":"\nDIB ups stake in Turkey\u2019s TOM Group to 25% - 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