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DenizBank A.Ş. (Deniz meaning Sea in Turkish) is a private bank in Turkey. On 8 June 2012, Sberbank, a leading Russian bank, announced to acquire DenizBank shares from Dexia. The acquisition was completed by September 2012. Since September 2012, DenizBank is controlled by Sberbank.

DenizBank A.Ş.
Traded as BİST: DENIZ
Industry Finance and Insurance
Founded Istanbul, Turkey 1938
Headquarters Esentepe, Istanbul, Turkey
Number of locations
489 branches (2010) in Turkey
Area served
Key people
Hakan Ateş, CEO
Products Banking
Investment banking
Investment management
Number of employees
9,189 (2010)
Parent Sberbank



DenizBank was established in 1938 as a state-owned bank (Denizcilik Bankasi) 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.

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 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 September 2010.[1]

The financially troubled main stakeholder Dexia announced on October 10, 2011 that DenizBank will be put up for sale.[2][3] On June 7, 2012 Sberbank agreed to buy DenizBank for 3.6 billion USD from Dexia.[4]

Deniz Financial Services GroupEdit

The following table shows the structure of the group as of 28 January 2010.[5]

No Name of Company Country Industry
1 DenizBank A.Ş. Turkey Banking
2 DenizBank AG Austria Banking
3 CJSC Dexia Bank Russia Banking
4 Deniz Finansal Kiralama A.Ş. Turkey Financial Leasing
5 Deniz Faktoring A.Ş. Turkey Factoring
6 Deniz Yatırım Menkul Kıymetler A.Ş. Turkey Securities
7 Intertech Bilgi İşlem ve Pazaralama Ticaret A.Ş. Turkey IT / Computing
8 Ekspres Yatırım Menkul Değerler A.Ş. Turkey Securities
9 Deniz Portföy Yönetimi A.Ş. Turkey Portfolio Management
10 Deniz Kültür Sanat Yayıncılık Ticaret ve Sanayi A.Ş. Turkey Culture & Art Publishing
11 Deniz Yatırım Ortaklığı A.Ş. Turkey Trust Company
12 Euro Deniz International Banking Unit Limited Turkish Northern Republic of Cyprus Offshore Banking
13 Pupa Gayrimenkul Kiralama ve Yönetim Hizmetleri A.Ş. Turkey Real Estate Leasing and Management Services

Companies sold under agreement with the European UnionEdit

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.[6]

No Name of Company Country Industry
1 Deniz Emeklilik ve Hayat A.Ş.[7] Turkey Pension and Life Insurance

Companies soldEdit

No Name of Company Country Industry
1 Deniz Türev Menkul Değerler A.Ş.[8] Turkey Securities

Products and servicesEdit

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

See alsoEdit


  1. ^ a b "DenizBank A.Ş. About Us". DenizBank A.Ş. 
  2. ^ Dalton, Matthew (10 October 2011). "France, Belgium Reach Pact on Ailing Dexia". The Wall Street Journal. Retrieved 2011-10-10. 
  3. ^ Belgium Paying EU4 Billion for Dexia Belgian Unit, Reynders Says. Bloomberg. Retrieved on 2011-10-11.
  4. ^ Sberbank Said To Buy Dexia Unit Denizbank For $3.6 Billion. Bloomberg. Retrieved on 2012-06-07.
  5. ^ "Kamu Aydınlatma Platformu (Public Disclosure Forum)". Kamu Aydınlatma Platformu (Public Disclosure Forum). 
  6. ^ "Dexia: Positive outcome from European Commission negotiations". Association des Banques et Banquiers, Luxembourg. 
  7. ^ "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.
  8. ^ "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 linksEdit