Denizbank

DenizBank A.Ş. (Deniz meaning Sea in Turkish) is a private bank in Turkey controlled 99.79% by the French - Belgian bank Dexia since May 2006.

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 DenizBank without any significant assets except three branch buildings. Zorlu Holding acquired the bank from the Privatization Administration for $70 million in 1997, and operations commenced in September of that year. With the revitalization program initiated, new branches were opened under the new corporate identity. Expansion was supported by acquiring some branch offices from other banks, including Tarişbank in 2002. It went international by establishing or acquiring banks in Austria, Russia and the Turkish Republic of Northern Cyprus. Furthermore, DenizBank extended its product range by adding services like investment banking, brokerage, factoring and leasing, which all were formed under the leadership of DenizBank to "Deniz Financial Services Group". The group of 13 companies employs more than 10,000 people.

On May 31, 2006, the Belgian bank Dexia purchased 75% the stake for US$ 2.437 billion from Zorlu Holding and announced that the bank’s name would not change. The remaining 25% of the shares is being held publicly. DenizBank has 489 branch offices as of 20.09.2010^[1].

The financially troubled main stakeholder Dexia announced on October 10 that DenizBank will be put up for sale.^[2][3]

Deniz Financial Services Group

as of 28.01.2010^[4]

Companies Sold Under Agreement With The European Union

Due to Dexia's agreement with the European Union, certain businesses were required to be sold. The ones being sold from the DFSG are listed as below.^[5]

Companies Sold

Products and Services

• Retail Banking
• Private Banking
• Business Banking
• Agriculture Banking
• Corporate Banking
• Commercial Banking
• Public Finance ^[1].

References

1. ^ ^{a b} "DenizBank A.Ş. About Us". DenizBank A.Ş.. http://www.denizbank.com/EN/AboutUs/. 
2. ^ Dalton, Matthew (10 October 2011). "France, Belgium Reach Pact on Ailing Dexia". The Wall Street Journal. http://online.wsj.com/article/SB10001424052970203633104576620720705508498.html. Retrieved 2011-10-10. 
3. ^ Belgium Paying EU4 Billion for Dexia Belgian Unit, Reynders Says. Bloomberg. Retrieved on 2011-10-11.
4. ^ "Kamu Aydınlatma Platformu (Public Disclosure Forum)". Kamu Aydınlatma Platformu (Public Disclosure Forum). http://www.kap.gov.tr/yay/Sirket/sirket.aspx?sirketId=1394. 
5. ^ "Dexia: Positive outcome from European Commission negotiations". Association des Banques et Banquiers, Luxembourg. http://www.abbl.lu/de/articles/dexia-positive-outcome-european-commission-negotiations. 
6. ^ "Dexia Sells 99.86% Stake In Turkey's DenizEmeklilik To MetLife", by Inti Landauro, Fox Business, June 27, 2011, Retrieved October 2, 2011.
7. ^ "Denizbank A.S. Sells Deniz Turev Menkul Degerler A.S.", by Reuters Ticker, Reuters U.S. Edition, July 20, 2011, Retrieved October 2, 2011.

External links

• Official website
• Group Dexia official website
• DenizYatırım Menkul Kıymetler A.Ş. (Deniz Investment Securities) (in Turkish, with English language available)
• DenizBank AG (in German)
• EkspresInvest Menkul Kıymetler A.Ş. (in English)
• CJSC Dexia Bank Russia (in English)
• Deniz Emeklilik ve Hayat A.Ş. (Deniz Pension and Life Insurance) (in Turkish only)
• DenizBank Bahrain
• Intertech Bilgi İşlem ve Pazarlama Ticaret A.Ş. (in English)

See also

• List of Turkish companies
• List of banks in Turkey