Dubai Islamic Bank Expands its Influence with 20% Stake in Turkey's Digital Bank Operator T.O.M. Group

Dubai Islamic Bank Expands its Influence with 20% Stake in Turkey's Digital Bank Operator T.O.M. Group

29 Sep, 2023

 

Dubai Islamic Bank Expands its Influence with 20% Stake in Turkey's Digital Bank Operator T.O.M. Group

 

Dubai Islamic Bank (DIB), one of the UAE's leading financial institutions, continues its global expansion by acquiring a significant stake in the T.O.M. Group, which operates a digital bank in Turkey. DIB is set to acquire a 20% shareholding in the T.O.M. Group, with an option to increase this to 25% within the next 12 months.

The T.O.M. Group encompasses several entities, including T.O.M. Katılım Bankası A.Ş., Turkey's first licensed digital retail bank; T.O.M. Pay Elektronik Para ve Ödeme Hizmetleri A.Ş., an e-money company; and T.O.M. Finansman A.Ş., specializing in the development of digital financial products, along with their respective subsidiaries.

Dr. Adnan Chilwan, CEO of DIB Group, expressed the bank's strategic approach in response to changing industry dynamics. He stated, "Central to our growth ambitions has been the bank's ability to effectively formulate winning strategies amidst shifting industry dynamics. Our entry into the Turkish banking sector through the investment in a digital financial group represents this dynamic approach to an ever-evolving market environment."

This move follows other UAE financial giants venturing into international markets. Abu Dhabi National Insurance Co. recently announced its intention to acquire a 51% stake in a leading Saudi insurer with an investment of SR499 million.

Leading UAE banks have already established a presence in key markets, with Emirates NBD and First Abu Dhabi Bank (FAB) operating in Saudi Arabia. Emirates NBD further holds Turkey's Denizbank, the country's fifth-largest bank. More recently, Mashreq launched digital banking services in Pakistan.

DIB has maintained a long-standing presence in Turkey, offering traditional banking services for over 15 years. Dr. Adnan Chilwan emphasized Turkey's attractiveness as an investment destination for financial services institutions, particularly Islamic banks, with a focus on the medium- to long-term opportunities in digital banking and financial technology sectors. He noted that Turkey plays a pivotal role in DIB's growth strategy, given its substantial market dynamics and potential in the digital banking landscape.


 

 


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