DUBAI, UAE – Dubai Islamic Bank (DIB) is to acquire 20 percent stake in across the T.O.M. Group of Companies.
DIB’s entry strategy revolves around the acquisition of a significant minority stake into the T.O.M. Group which is an integrated, comprehensive financial services group established in the digital space.
DIB will acquire 20 percent shareholding across T.O.M. Group with an option to increase shareholding to 25 percent within 12 months, a release said.
Aydın Group, T.O.M. Group’s founding shareholder with its new partner DIB, aims to make the group a national leader with an aspiration to grow regionally in the digital banking and financial technology sector.
DIB has long held the view that Turkey was an attractive investment destination for a financial services institution, particularly for an Islamic bank over the medium to long term.
This belief was largely premised on the attractive and robust long-term macroeconomic fundamentals of the market which fueled the country’s continued ability to attract FDI, despite short term market fluctuations.
DIB Group CEO Dr. Adnan Chilwan said, “Central to our growth ambitions has been the bank’s ability to effectively formulate winning strategies amid shifting industry dynamics.”
He said, “Our entry into the Turkish banking sector through the investment in a digital financial group represents this dynamic approach to an ever-evolving market environment.”
The transaction has been approved by the Banking Regulation and Supervision Agency (BDDK), the Central Bank of the Republic of Turkey (CBRT) and the regulatory authorities in the UAE, and will be formalized after the clearance of the Turkish Competition Authority (Competition Authority).