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DenizBank traces its origins to 1938, when the Turkish government founded Denizcilik Bankası, or Maritime Bank, to finance shipping, shipbuilding, and maritime infrastructure. For decades, it worked as a specialized state institution rather than a universal commercial bank. In 1992, during a consolidation of state banks, Denizcilik Bankası was absorbed by Emlakbank, while its banking license remained active.

In 1997, the Turkish government privatized the license, with only three branch buildings attached. Zorlu Holding won the $70 million tender and began rebuilding the bank from scratch. Operations started in August 1997 from a temporary office in Istanbul’s Swissôtel The Bosphorus. In September, the bank moved to Karaköy, opened 13 branches, and relaunched as DenizBank. Internet banking followed in 1999, and Deniz Yatırım was founded in 2001.

In 2002, DenizBank bought the failed Tarişbank, which had served cooperatives and farmers in the Aegean region. The deal pushed the bank into agricultural finance, giving farmers, grape growers, and olive producers access to a broader range of banking services. In 2004, DenizBank held an IPO on the Istanbul Stock Exchange. In May 2006, Dexia bought 75% of the bank for $2.4 billion, with the remaining 25% remaining publicly traded.

After the 2008 crisis, Dexia had to sell foreign assets. On September 28, 2012, Russia’s Sberbank bought DenizBank for $3.6 billion. In July 2013, DenizBank took over Citibank’s Turkish retail portfolio, adding more than 600,000 clients and about 1,400 employees. In July 2019, Sberbank sold DenizBank to Emirates NBD for about $3.2 billion. The bank continued operating under its existing brand in Turkey.