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Dubai-based Emirates NBD is in early-stage talks to acquire HSBC's operations in Türkiye, a move that would make it the country's second-largest foreign-owned lender, overtaking Gulf rival QNB Türkiye, according to the report.
The discussions are still at an early stage, and there is no guarantee they will lead to a deal, people familiar with the matter told Bloomberg.
If the talks lead to an agreement, HSBC's Turkish operations would become the latest addition to Emirates NBD's portfolio in Türkiye, building on its $2.8 billion acquisition of a 99.85% stake in DenizBank from Russia's Sberbank in 2019.
The banking group has also reshaped the leadership of DenizBank, appointing former Garanti BBVA CEO Recep Bastug as chief executive at the start of 2025 after longtime CEO Hakan Ates stepped down following 27 years at the lender.
HSBC has operated in Türkiye since 1990, offering wholesale banking, retail banking and wealth management services.
Over the past decade, however, it has significantly scaled back its retail operations to focus on corporate, commercial and wealth management businesses.
HSBC's total assets have dropped from €10.8 billion ($12.3 billion) at the end of 2012 to €4.8 billion in 2025, while its branch network has shrunk from 338 to 36.
Over the same period, the bank has fallen from 11th to 17th place overall by assets; nevertheless, it retained its position in the top 5 among foreign banks.
DenizBank, meanwhile, remains the country's ninth-largest lender by assets and the third-largest foreign-owned bank as of the end of 2025.
It had total assets of €34.5 billion, just behind QNB Türkiye's €35.8 billion.
If the reported deal goes ahead, adding HSBC Türkiye's €4.8 billion in assets would lift Emirates NBD's combined assets in the country to roughly €39.3 billion, moving it ahead of QNB.
Emirates NBD is Dubai's largest bank by assets and one of the biggest banking groups in the Middle East. The lender operates across 13 countries, serves over 10 million customers and had total assets exceeding AED 1 trillion ($272 billion) at the end of 2025.
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