Largest UAE Bank buys Turkish asset of Sberbank for $5.5 billion

DenizBank
DenizBank

Russian “Sberbank” intends to close the sale of Turkish DenizBank to Dubai Bank “Emirates NBD” in the third quarter of 2018.

The initiator of the transaction was Emirates NBD who contacted the leadership of the Russian Bank.

Informed sources report that the proposal was made at the moment when the head of Sberbank German Gref “hypothetically considered the sale of DenizBank because of the sanctions risks.”

The terms of the offer were so favorable that they could outweigh the “doubts of the management of the Russian Bank”. Afterall, we are talking about the sale of the most successful foreign asset of the group.

It is expected that the final amount of the transaction will be agreed between the parties in April. By the same time, it is planned to obtain permission from the Turkish regulator.

The Emirates NBD Bank is the largest in the UAE in terms of assets. Recently, the Dubai Bank has been focusing on the development of its international direction. Emirates NBD is already present in Egypt, Saudi Arabia, India, Singapore, great Britain, and also has its offices in China and Indonesia.

Sberbank became the owner of 99,85% of shares of DenizBank in 2012, having bought it from a Belgian group Dexia for $5 billion, DenizBank has 738 branches in Turkey and abroad.

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