Emirates NBD PJSC is reportedly in talks to acquire HSBC Holdings Türkiye operations, Bloomberg News reported on Tuesday, citing people familiar with the matter.

The talks are at an early stage, and a deal may not be reached, the people said, asking not to be named because the discussions are private.

An HSBC spokesperson told Bloomberg they "don't comment on market speculation."

HSBC has begun to refocus on its core functions since Georges Elhedery took over as chief executive in 2024.

Once one of Türkiye's largest banks, HSBC has significantly reduced its presence in the country. Currently, according to the most recent data, it is the 15th largest bank by assets and holds a 0.3% share of total loans.

Emirates NBD PJSC is a leading banking group in the MENA region, headquartered in Dubai. Established in 2007 through the merger of Emirates Bank International and the National Bank of Dubai, it is the second-largest bank in the United Arab Emirates (UAE) and serves around 10 million customers globally.

Emirates NBD, earlier in 2019, acquired the majority of shares of private lender DenizBank from Russia's Sberbank.