Dubai lender looks for Turkish firms to acquire

DUBAI - Reuters

Rick Punder, CEO of Emirates NBD, speaks with Reuters correspondents. REUTERS photo

Emirates NBD is looking for acquisition targets in Turkey as Dubai’s largest lender scouts for opportunities beyond its home market, despite an improving economic environment within the emirate, its top executive said, at the Reuters Middle East Investment Summit on Monday.

ENBD has been looking to diversify beyond Dubai after a real estate market crash in 2008-2010 severely impacted the bank. The lender aims for 20 percent of its revenues to come from overseas markets in five years - up from 8 percent after the Egyptian acquisition - and while organic growth will play a part, another acquisition will probably be needed to meet the target.“To open a branch in Turkey, you need $300 million of capital so it’s probably worth buying something if there’s an opportunity,” CEO Rick Pudner said “We’ve looked at a number of things in Turkey but nothing has come to fruition. The trouble is it’s either big or quite small and we want something not big but a bit bigger than small.”

He added that the bank wasn’t currently examining any specific asset in Turkey.