QNB Talks To Buy Denizbank Stall

Dexia’s planned sale of Turkish unit Denizbank to Qatar National Bank and HSBC is not to proceed until after an expected management change at the bailed-out Franco-Belgian bank, Reuters has reported.

The existing team of chief executive Pierre Mariani has been pushing unsuccessfully for buyers to pay at least $3.95bn, but speculation about a management shake-up means the process has lost impetus.

Talks between Dexia and potential Denizbank buyers Qatar National Bank and HSBC stalled over price and access to Denizbank’s books. QNB failed to meet Dexia’s price expectations, while HSBC was reluctant to pay up without being able to take a deeper look at Denizbank’s books, sources said.