DUBAI, UAE: Dubai Islamic Bank PJSC (DIB), the largest participation bank by asset size in the United Arab Emirates, has announced its intention to acquire a 20% stake in T.O.M. Group of Companies (T.O.M. Group), a digital financial services group established by Aydın Group shareholders in Türkiye.
The deal, which includes an option to increase the shareholding to 25% within 12 months, will enable DIB to enter the Turkish banking sector through a partnership with T.O.M. Group, which comprises T.O.M. Katılım Bankası A.Ş., Türkiye’s first licensed digital retail bank, T.O.M. Pay Elektronik Para ve Ödeme Hizmetleri A.Ş., a licensed e-money company, and T.O.M. Finansman A.Ş., a licensed financing company, and their subsidiaries.
DIB’s Group CEO Dr. Adnan Chilwan said that the partnership with T.O.M. Group reiterates DIB’s commitment to Türkiye and its consumer banking sector, as well as its belief in the attractive and robust long-term macroeconomic fundamentals of the market. He also said that DIB views digital banking propositions as a way to provide financial services to mass population segments, including the underbanked and non-banked segments, and that this deal will lay the groundwork for further initiatives in other key strategic markets for DIB.
T.O.M. Group’s CEO Onur Özkan said that the partnership with DIB in the early stages of T.O.M. Group’s journey is highly encouraging and that T.O.M. Group aims to become a national leader with an aspiration to grow regionally in the digital banking and financial technology sector. He also said that the partnership will promote financial inclusion by facilitating, easing and enhancing access to digital financial services in Türkiye.
The agreement is subject to regulatory approvals and is expected to be completed by Q4 2023.