Dubai – Mubasher: Emirates NBD on Tuesday said that it entered preliminary discussions with Russia-based Sberbank over acquiring its 99.85% stake in Turkey's Denizbank. 

"There is no certainty that the transaction will be entered into," Emirates NBD said in a statement.

In 2013, Emirates NBD had bought the Egyptian banking business of BNP Paribas and has been looking for opportunities in Turkey's banking sector as part of its overseas expansion.

Moscow-based Sberbank was evaluating opportunities to sell its stake in Turkey’s Denizbank, Reuters reported, adding that lenders from the Gulf and China were among the contenders.

Informed sources previously noted that the UAE’s bank appointed Standard Chartered and other banks to arrange possible issue to lead a Formosa bond issue.

Emirates NBD’s net profits increased 17% to AED 2.1756 billion in the fourth quarter of 2017 up from AED 1.8569 billion ($505.5 million) in the same period a year earlier.