Emirates NBD has completed the acquisition of Sberbank’s 99.85 per cent stake in Denizbank.
Hesham Abdulla Al Qassim, the Vice Chairman and Managing Director, Emirates NBD, said, “We are proud to mark a new chapter in our growth journey by welcoming DenizBank to the Emirates NBD family and we are confident this partnership will unlock a host of benefits for our customers, investors and stakeholders across all the markets we operate in.”
Emirates NBD Group’s CEO said that the lender would support Turkey’s Denizbank if it needed a capital increase.
In April, Emirates NBD signed a new deal to buy Sberbank’s wholly-owned Turkish unit in a deal that saved the Dubai-based lender as much as $700 million. The revised price tag of TRL 15.48 billion ($2.7 billion) reflected a slump in the lira last year amid slowing economic growth in the country.
Source: Islamic Business and Finance