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DenizBank A.Ş. ("deniz" meaning sea in Turkish) is a large private bank in Turkey. It has been owned and controlled by leading Russian bank Sberbank since 2012. European financial services institution Dexia was the previous owner.

DenizBank A.Ş.
Anonim Şirket
Traded asBİST: DENIZ
IndustryFinance and Insurance
Founded1938 in Istanbul
HeadquartersŞişli, Istanbul, Turkey
Number of locations
740 branches
5,612 ATMs (2017)
Area served
Key people
Hakan Ateş, CEO
Investment banking
Investment management
Number of employees
14,136 (2017)
ParentSberbank of Russia



DenizBank was established in 1938 as a state-owned bank (Denizcilik Bankası) 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 (5 outside Istanbul) were also opened.[1] 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.[1]

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.[1]

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 3.6 billion USD from the financially troubled Dexia.[2][3][4]

Structure and financeEdit

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.[5]


As of August 2018, the only shareholder of the bank is Sberbank of Russia (100% of shares)[6][7].

Deniz Financial Services GroupEdit

The following table shows the structure of the group as of 28 January 2010.[8]

Name of Company Country Industry
DenizBank A.Ş. Turkey Banking
DenizBank AG Austria Banking
CJSC Dexia Bank Russia Banking
Deniz Finansal Kiralama A.Ş. Turkey Financial Leasing
Deniz Faktoring A.Ş. Turkey Factoring
Deniz Yatırım Menkul Kıymetler A.Ş. Turkey Securities
Intertech Bilgi İşlem ve Pazaralama Ticaret A.Ş. Turkey IT / Computing
Ekspres Yatırım Menkul Değerler A.Ş. Turkey Securities
Deniz Portföy Yönetimi A.Ş. Turkey Portfolio Management
Deniz Kültür Sanat Yayıncılık Ticaret ve Sanayi A.Ş. Turkey Culture & Art Publishing
Deniz Yatırım Ortaklığı A.Ş. Turkey Trust Company
Euro Deniz International Banking Unit Limited Northern Cyprus Offshore Banking
Pupa Gayrimenkul Kiralama ve Yönetim Hizmetleri A.Ş. Turkey Real Estate Leasing and Management Services

Companies sold under agreement with the EUEdit

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.[9]

Name of Company Country Industry
Deniz Emeklilik ve Hayat A.Ş.[10] Turkey Pension and Life Insurance

Companies soldEdit

Name of Company Country Industry
Deniz Türev Menkul Değerler A.Ş.[11] Turkey Securities

Products and servicesEdit

  • Retail banking
  • Private banking
  • Business banking
  • Agricultural banking
  • Corporate banking
  • Commercial banking
  • Public finance[12]

See alsoEdit


  1. ^ a b c "DenizBank'ın 20 yıllık Türkiye yolculuğu". Sözcü (in Turkish). 2017-08-03. Retrieved 2018-04-27.
  2. ^ Sberbank Said To Buy Dexia Unit Denizbank For $3.6 Billion. Bloomberg. Retrieved on 2012-06-07.
  3. ^ Dalton, Matthew (10 October 2011). "France, Belgium Reach Pact on Ailing Dexia". The Wall Street Journal. Retrieved 2011-10-10.
  4. ^ Belgium Paying EU4 Billion for Dexia Belgian Unit, Reynders Says. Bloomberg. Retrieved on 2011-10-11.
  5. ^ "DenizBank 2017 Annual Report" (PDF). Archived from the original (PDF) on 2018-04-27.
  6. ^ Sberbank. Group structure. Turkey
  7. ^ DenizBank. About Us
  8. ^ "Kamu Aydınlatma Platformu (Public Disclosure Forum)". Kamu Aydınlatma Platformu (Public Disclosure Forum).
  9. ^ "Dexia: Positive outcome from European Commission negotiations". Association des Banques et Banquiers, Luxembourg. Archived from the original on 2012-04-22. Retrieved 2011-10-02.
  10. ^ "Dexia Sells 99.86% Stake In Turkey's DenizEmeklilik To MetLife"[permanent dead link], by Inti Landauro, Fox Business, June 27, 2011, Retrieved October 2, 2011.
  11. ^ "Denizbank A.S. Sells Deniz Turev Menkul Degerler A.S.", by Reuters Ticker, Reuters U.S. Edition, July 20, 2011, Retrieved October 2, 2011.
  12. ^ "DenizBank A.Ş. About Us". DenizBank A.Ş.

External linksEdit