Over a period of two years, Lexist advised Aydın Group on the establishment of TOM financial group companies including a digital participation bank, licensed e-money and payment services company and a licensed financing company (“TOM Financial Group Companies”).
On December 6, 2023, Dubai Islamic Bank PJSC (“DIB”), the largest participation bank by asset size in the United Arab Emirates, became a minority shareholder in TOM Financial Group Companies through a minority share purchase. Lexist also advised Aydın Group on the cross-border sale of the minority shareholding in TOM Financial Group Companies to DIB.
In Türkiye, a participation bank shares features of an Islamic bank making it an attractive prospect for DIB. DIB described its equity investment in TOM as a “landmark regional transaction”.
Lexist was instrumental in receiving the regulatory permissions from the Banking Regulation and Supervision Agency, the Central Bank of the Republic of Türkiye and the Turkish Competition Authority in order to complete the transaction.
The Lexist team was led by Dr. Murat Erbilen, Partner Corporate, Disputes and Financial Services, and Duygu Ozturk Dincer M&A and Banking Senior Associate, assisted by Meysa Yamakoğlu, Banking Associate and Ulaş Candan, Banking Trainee. King & Spalding Dubai and London partners, Derek Meilman, Paul Barron, and Associates Jihyuk John Lim and Jamie Kershaw advised the Seller on English and UAE law.
