Dubai Islamic Bank (DIB) has entered the Turkish digital banking and financial technology sector through an equity investment in T.O.M. Group of Companies, according to a press release.
Established by Aydın Group shareholders, the T.O.M. Group includes T.O.M. Katılım Bankası A.Ş., T.O.M. Pay Elektronik Para ve Ödeme Hizmetleri A.Ş., and T.O.M. Finansman A.Ş.
The DFM-listed lender will acquire 20% shareholding across T.O.M. Group with an option to increase the equity ownership to 25% within 12 months.
Aydın Group will join forces with DIB to make T.O.M. Group a national leader with the objectives to grow regionally in the digital banking and financial technology sector.
Meanwhile, the shareholders' core mandate aims to enhance financial inclusion by facilitating and bolstering access to digital financial services in Türkiye.
Adnan Chilwan, Group CEO of DIB, indicated: “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.”
“DIB is of the view that digital banking propositions in Türkiye and other markets will enhance our efforts to provide financial services to mass population segments, including the underbanked and non-banked segments,” Chilwan mentioned.
The group CEO underlined that Türkiye holds a pivotal position in their growth strategy due to the sizable market dynamics and the opportunities in the digital banking and financial technology sector.
“We are confident that this partnership with T.O.M. Group will not just be mutually beneficial for our combined institutions but will also help unlock new opportunities, whilst deepening the economic ties between both UAE and Türkiye,” he concluded.
The CEO of T.O.M. Group, Onur Özkan, said: “We are committed to further investments in this field, aligned with our vision of becoming a leading and innovative digital finance company on a global scale.”
In the first half (H1) of 2023, DIB recorded net profits valued at AED 3.11 billion, compared to AED 2.70 billion in H1-22.
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