4/3/2019, 8:08 AM (Source: TeleTrader)
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Emirates NBD to buy Denizbank for $2.77B

Dubai's Emirates NBD Bank will buy Turkey's Denizbank from Russia's state-owned Sberbank for 15.48 billion Turkish lira ($2.77 billion), the latter announced in a press release on Wednesday.

The two banks initially signed a sale and purchase agreement on May 21 last year which valued the transaction at around $3.2 billion. However, due to the current political tumult in Turkey which has seen its currency plummet, the pair signed a revised agreement on Tuesday that contained the new price.

Denizbank had equity capital of 15.51 billion Turkish lira at the end of last year. The deal is expected to be completed by the end of the second quarter of this year subject to the required regulatory approvals being obtained.

Breaking the News / DZ