Dubai – Mubasher: Emirates NBD has signed an agreement to purchase the 99.85% stake of Sberbank of Russia in the Turkish bank Denizbank.

Following this agreement, the Russian bank will no longer be a shareholder in Denizbank.

This 99.85% equity is valued at 14.6 billion Turkish liras (AED 11.7 billion), according to a recent statement.

Denizbank is considered the fifth largest bank in Turkey with assets of 169.5 billion Turkish liras and 751 branches, including 43 in Austria, Germany, Bahrain, Moscow, and Cyprus. The bank serves nearly 12 million customers, with 14,000 employees and nearly 6,000 ATMs.

“The transaction represents a significant milestone for Emirates NBD and is expected to be accretive to shareholders in the first year. Denizbank is a well‐ managed and prominent organization in the Turkish banking market, which with the current deal structure, comes at a reasonable price on acquisition for Emirates NBD,” the Group CEO of Emirates NBD, Shayne Nelson, said.