Banking & Finance
Emirates NBD Gets Key Approval for Turkey Denizbank Deal
(Bloomberg) — Emirates NBD received a key regulatory approval taking Dubai’s biggest lender a step closer to completing its purchase of Turkey’s Denizbank, two people with knowledge of the matter said.
Emirates NBD got approval from the United Arab Emirates central bank, but still needs Turkey’s banking regulator to approve before the acquisition from Russia’s Sberbank PJSC can be completed, said the people, asking not to be identified because the information isn’t public.
Denizbank declined to comment. Sberbank’s press office didn’t respond to requests for comment. The U.A.E.’s central bank didn’t immediately respond to an email and calls seeking comment.
Emirates NBD signed a new deal in April to buy Sberbank’s wholly-owned Turkish unit that could save the Dubai-based lender as much as $700 million. The revised price tag of 15.48 billion lira ($2.7 billion) reflected a slump in the lira last year amid slowing economic growth in the country.
The deal is both Turkey’s largest M&A deal since 2012 and the Dubai bank’s biggest acquisition. The deal had been expected to close in the first half.
— With assistance from Asli Kandemir and Zainab Fattah.
-
Alamaliktistaad Magazines2 months ago
Al-iktisaad, November 24
-
Energy2 months ago
Oman and Belgium Strengthen Green Hydrogen Partnership with New Landmark Agreement
-
Energy2 months ago
OUTLOOK: Emerging Markets and Renewables – The Twin Engines of Energy Growth for 2025
-
OER Magazines1 month ago
OER Magazine: December 2024 Edition – The Most Trusted Brands in Oman
-
Technology1 month ago
EXCLUSIVE: Technological Singularity – Will It Become Humanity’s Greatest Leap or Its Most Perilous Step?
-
Oman2 months ago
Oman Braces for Launch of First Experimental Rocket Duqm-1 on 4 December 2024
-
Oman2 months ago
Transport Ministry Issues New Regulation for Security of Ships, Ports
-
Magazines2 months ago
OER Magazine: November 2024 Edition
You must be logged in to post a comment Login