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Emirates NBD submits takeover bid for Turkey’s Denizbank

2018-11-08 15:44:43 GMT (Economies.com)
Emirates NBD submits takeover bid for Turkey’s Denizbank
 

Emirates NBD has applied to Turkey's competition authority to take over Turkish lender Denizbank, said Reuters on Thursday.

The bank said in May that it would buy Denizbank, from Russia’s state-owned Sberbank for $3.2 billion at the time of signing, as it sought to become a major player in Turkey and the region. The potential deal was initially reported in January.

The transaction will be completed at the end of this year or beginning of 2019, the Moscow-based bank said in its third-quarter earnings statement. Sberbank had previously said it expected to wrap up the sale in 2018, pending regulatory approval.

The transaction price of 14.6 billion liras is now equivalent to $2.7 billion after the lira lost ground against the dollar.

Denizbank said on Sept. 18 that “the process of regulatory approvals is ongoing with relevant filings having been made to authorities in Turkey, Austria and UAE. Further material developments in the ongoing process will be disclosed when they are confirmed, it said.

 
 
 
  Symbol Last Change Chg.%
1.1338
0.0010
0.0905%
1.3019
0.0099
0.7682%
14.191
0.033
0.233%
56.127
-3.715
6.208%
66.07
-0.05
0.08%
1212.340
2.870
0.237%
 
 
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