(Bloomberg) -- Emirates NBD PJSC is set to name former BBVA executive Recep Bastug to lead its Turkish unit, according to a person familiar with the matter.
Bastug, ex-head of BBVA’s Turkish subsidiary Turkiye Garanti Bankasi A.S., will be announced as the chief executive officer of Denizbank after the lender gets necessary approvals from Turkey’s banking regulator, the person said, asking not to be identified, citing the sensitivity of the matter.
Denizbank and Emirates NBD declined to comment. Bastug didn’t immediately respond to requests for comment.
Deniz was Turkey’s ninth largest lender by assets worth 1.33 trillion liras ($38.3 billion) as of end of September, according to data by Turkey’s banking association.
Bastug, who led Garanti for five years before stepping down earlier in 2024, will be replacing Hakan Ates, who plans to leave after 27 years in the role.
Ates was indicted last month for his alleged role in a ponzi scheme at the bank that targeted famous football players — an allegation that Ates has repeatedly denied.
The court later sent back the indictment to prosecutors citing lack of evidence. The prosecutor can amend the indictment or drop the investigation.
--With assistance from Laura Gardner Cuesta, Ugur Yilmaz and Asli Kandemir.
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