Bloomberg News

HSBC Said to Withdraw Offer to Buy Dexia’s Denizbank of Turkey

January 09, 2012

Jan. 9 (Bloomberg) -- HSBC Holdings Plc, Europe’s biggest bank, withdrew its bid for Dexia SA-owned Denizbank AS, according to a person with knowledge of the matter.

The person asked not to be identified because the matter is private. Dexia Chief Executive Officer Pierre Mariani said in November the Paris- and Brussels-based bank would open Denizbank’s “data rooms” as part of the sales process. Last month, OAO Sberbank, Russia’s biggest bank, scrapped its plan to buy Denizbank of Turkey because of “uncertain market conditions.”

A spokesman for HSBC declined to comment and a phone message left with Denizbank CEO Hakan Ates wasn’t immediately returned.

HSBC in October was said to be interested in Denizbank, the first lender to founder with the European debt crisis, according to people with knowledge of the situation. London-based HSBC named Turkey as an area for growth at an investor day in May, together with Mexico, Singapore and Brazil.

“There are some very high-growth markets, which we will continue to invest in,” HSBC CEO Stuart Gulliver said in May.

Sky News reported HSBC had dropped plans to buy the bank earlier today.

--Editors: Jon Menon, Stephen Taylor

To contact the reporter on this story: Howard Mustoe in London at hmustoe@bloomberg.net.

To contact the editor responsible for this story: Edward Evans at eevans3@bloomberg.net


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