DenizBank


DenizBank A.Ş. is a large private bank in Turkey. It is currently owned by Emirates NBD. It was owned and controlled by leading Russian bank Sberbank from 2012 to 2019. European financial services institution Dexia was the owner prior to this.

History

DenizBank was established in 1938 as a state-owned bank to help finance the then emerging Turkish maritime industry. In 1992, the Turkish government decided to consolidate a number of state-owned banks, and DenizBank merged into Emlakbank.
In 1997, a banking license was auctioned by the government under the name of DenizBank without any significant assets except for three branch buildings. Zorlu Holding acquired the bank from the Privatization Board of Turkey for $70 million, and holding chairman Ahmet Zorlu invited Garanti Bank Moscow's CEO to be the new bank's founding CEO.
Operations commenced in a hotel room in August that year, and the bank moved into its new headquarters in Karaköy the following month. Its first 13 branches were also opened. With a revitalization program initiated, branches were opened under a new corporate identity. Expansion was supported by the acquisition of branch offices from other banks, including Tarişbank in 2002. Internet banking was introduced in 1999, and Deniz Yatırım was founded in 2001.
2002 saw the bank move into its new headquarters in Esentepe, Şişli, and the acquisition of Tarişbank. The bank's IPO on the Istanbul stock exchange took place in 2004.
The company went international by establishing or acquiring banks in Austria, Russia and Northern Cyprus.
On May 31, 2006, Dexia announced it had acquired a 75% stake in the company for US$2.437 billion. The remaining 25% of the shares were held publicly. It remained the primary shareholder until 2012, when Sberbank agreed to buy DenizBank for US$3.6 billion from the financially troubled Dexia.
Emirates NBD agreed to buy DenizBank from Sberbank in 2018. The deal was completed in July 2019.

Structure and finance

DenizBank extended its product range by adding services like investment banking, brokerage, factoring and leasing, which all were formed under the leadership of DenizBank in the "Deniz Financial Services Group". The group of 13 companies employs more than 14,136 people as of 2017.

Shareholders

As of July 2019, the only shareholder of the bank is Emirates NBD.

Deniz Financial Services Group

The following table shows the structure of the group as of 28 January 2010.
Name of CompanyCountryIndustry
DenizBank A.Ş.TurkeyBanking
DenizBank AGAustriaBanking
CJSC Dexia BankRussiaBanking
Deniz Finansal Kiralama A.Ş.TurkeyFinancial Leasing
Deniz Faktoring A.Ş.TurkeyFactoring
Deniz Yatırım Menkul Kıymetler A.Ş.TurkeySecurities
Intertech Bilgi İşlem ve Pazarlama Ticaret A.Ş.TurkeyIT / Computing
Ekspres Yatırım Menkul Değerler A.Ş.TurkeySecurities
Deniz Portföy Yönetimi A.Ş.TurkeyPortfolio Management
Deniz Kültür Sanat Yayıncılık Ticaret ve Sanayi A.Ş.TurkeyCulture & Art Publishing
Deniz Yatırım Ortaklığı A.Ş.TurkeyTrust Company
Euro Deniz International Banking Unit LimitedNorthern CyprusOffshore Banking
Pupa Gayrimenkul Kiralama ve Yönetim Hizmetleri A.Ş.TurkeyReal Estate Leasing and Management Services

Companies sold under agreement with the EU

Due to Dexia's agreement with the European Union, certain businesses were required to be sold. The ones sold from the DFSG are listed below.
Name of CompanyCountryIndustry
Deniz Emeklilik ve Hayat A.Ş.TurkeyPension and Life Insurance

Companies sold

Products and services