Emirates NBD is in negotiations to acquire HSBC’s business in Türkiye, reported Bloomberg citing sources.
The deliberations remain preliminary and there is no certainty they will lead to an agreement, the sources said.
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“We do not comment on market speculation,” an HSBC spokesperson said.
A spokesperson for Emirates NBD declined to comment.
Emirates NBD, based in Dubai, already controls Denizbank in Türkiye after buying it from Russia’s Sberbank in 2019.
The bank has been seeking to increase its presence in the Turkish market, the people said, especially following management changes in the country that resulted in the appointment of a new chief executive officer in 2024.
HSBC, for its part, has been concentrating on its main lines of business since Georges Elhedery became chief executive in 2024.
Previously one of Türkiye’s biggest banks, HSBC has reduced its footprint in the country over the past several years.
Data from the Banks Association of Turkey show it is now the country’s 15th-largest lender by assets, accounting for 0.3% of total loans. Its branch network had contracted to about 36 by March 2026, compared with 315 in 2013.
The bank had also explored a sale of its Turkish unit in 2015, though ING Groep NV later withdrew from that process because of regulatory obstacles.
Emirates NBD has been broadening its operations beyond its home region, including the planned investment of up to $3.05bn in India’s RBL Bank for a stake of roughly 60%.
In May, OCBC Indonesia signed a deal with PT Bank HSBC Indonesia to assume the assets and liabilities connected to HSBC Indonesia’s retail banking and wealth management operations there, known as International Wealth and Premier Banking (IWPB Indonesia).
HSBC has likewise restarted a disposal process related to its Australian retail banking business, although the effort is now focused on selling the loan book rather than the entire unit in a single transaction, according to a report by The Australian in April.
