Turkish regulator allows Emirates NBD to buy Sberbank’s DenizBank

MOSCOW, Jun 28 (PRIME) -- Turkey’s Banking Regulation and Supervision Agency on Thursday allowed Emirates NBD to buy 99.85% in local DenizBank from Russia’s top bank Sberbank, the regulator said in a statement on Friday.

Now Emirates NBD is to receive approval of the Russian regulator to close the deal.

In April, Sberbank signed a deal with Dubai’s Emirates NBD to sell its Turkish subsidiary DenizBank for 15.48 billion Turkish liras, or U.S. $2.78 billion, in April–June. The Russian bank bought 99.85% in DenizBank from Belgium’s Dexia in 2012 for U.S. $3.5 billion.

End