Dubai – Mubasher: Emirates NBD is mulling over renegotiating its offer for Russia’s state-owned Sberbank to acquire its wholly-owned Turkish unit, Denizbank.

The step came after the Turkish Lira dropped by more than a fifth of its value since the deal was signed, people familiar with the issue said.

In May, Dubai’s biggest lender offered acquiring Turkey’s Denizbank for $3.2 billion (14.6 billion Liras).

The value of the asset has fallen by about $800 million due to the recent tension between the US and Turkey, negatively affecting the Turkish currency.

Sberbank’s executives added that they expect to complete the takeover by the end of 2018, Arabian Business reported.

“A reduction in the acquisition price may no longer be sufficient for the deal to be value-neutral,” Jaap Meijer, an analyst at Arqaam Capital. Said.