Emirates NBD reaches new agreement to buy Turkey's Denizbank for US$2.77 billion

Emirates NBD reaches new agreement to buy Turkey's Denizbank for US$2.77 billion

Dubai's largest lender Emirates NBD Bank has reached a new agreement to buy Turkey's Denizbank from Russia's state-owned Sberbank for 15.48 billion lira (US$2.77 billion).

A man rides a bicycle past Emirates NBD head office in Dubai
A man rides a bicycle past Emirates NBD head office in Dubai, UAE January 30, 2018. REUTERS/Satish Kumar

DUBAI: Dubai's largest lender Emirates NBD Bank has reached a new agreement to buy Turkey's Denizbank from Russia's state-owned Sberbank for 15.48 billion lira (US$2.77 billion).

The current offer is lower than the US$3.2 billion agreement reached last year.

The transaction is expected to be completed by the end of the second quarter, subject to regulatory approval, Emirates NBD said in an exchange filing on Wednesday.

(Reporting by Alexander Cornwell; Editing by Rashmi Aich)

Source: Reuters

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