July 21, 2024

Turkey’s Denizbank Acquisition with Dubai’s biggest bank Emirates NBD deal completed

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  • Dubai’s biggest lender has completed a deal and achieved a milestone in acquisition of a bank with more than 749 branches and 14,000 employees.
  • Emirates NBD banks MD says acquisition of DenizBank marks ‘a new chapter in growth journey.’
  • Emirates NBD Bank and Sberbank of Russia have recently declared that the completion of a deal that sees Dubai’s biggest loaner almost acquiring a 99.85 % stake in Turkey’s DenizBank.

The deal is that both Turkey’s largest M&A deal since 2012 and also the Dubai’s biggest bank’s acquisition in recent times.

Emirates NBD signed a newer deal in April to shop for Sberbank’s wholly-owned Turkish unit that would reserve it the maximum amount as $700 million.

The revised tag of 15.48 billion lira ($2.7 billion) mirrored a slump within the lira last year amidst decelerating economic process in the country, Bloomberg stated during the previous month June’s as per the financial data records.

Hesham Abdulla Al Qassim, the Vice-chairman, and the Managing Director, Emirates NBD stated: “They are proud to mark a refined and a brand new chapter in our growth journey by welcoming DenizBank wholeheartedly to the Emirates NBD family. Whereas there’s sizeable cross-border trade and enterprise across the MENAT region, solely few banks will claim to possess a powerful pan-regional presence.

“Emirates NBD currently wants to alter this with DenizBank, and that they are happy to possess found a partner that has engineered a dominant franchise and their reputation as a leading banking cluster. They always tend to be assured that this partnership can unlock a bunch of advantages for our customers, investors, and stakeholders across all the markets that they tend to operate in.

“We anticipate to operating along to leverage our shared experience, resources, and human capital to create a banking powerhouse which will lead the MENAT region in innovation and service delivery, whereas making certain that our customers stay at the hearts of our journey.”

Herman Gref, CEO, chairman of Sberbank stated that: “Since 2012, DenizBank has created substantive progress across all core fundamental areas, delivering growth in sales of merchandise and services via digital channels, implementation of advanced risk management practices and risk culture improvement, and also the ability to form a unique innovative client expertise, maintain a balanced monetary structure and meet the external challenges confidently.” “The range of DenizBank clientele list has doubled throughout this era and also the assets have surged more than 3.5 times. With the sale of DenizBank, Sberbank has completed a key stage in its international strategy modification, which will permit the bank to target any development of Sberbank’s ecosystem in Russia.”

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