Dubai – Mubasher: Emirates NBD has amended its deal with Sberbank of Russia to acquire Turkey’s Denizbank due to the steep fall in the Turkish lira, the bank said in a statement to the Dubai Financial Market (DFM).

In May 2018, Emirates NBD, the UAE’s second-biggest bank, agreed to purchase the 99.85% stake of Sberbank in DenizBank, Turkey’s fifth-largest bank by assets, for 14.6 billion liras, equivalent to $3.2 billion at that time.

Under the new amendments, Dubai’s largest lender will buy DenizBank for 15.48 billion liras ($2.8 billion) instead of 14.6 billion liras announced in May 2018.

By 12:40 pm UAE time, Emirates NBD’s shares hit the highest level in 11 years, jumping to 5.58%.

On Tuesday, Emirates NBD and Sberbank signed the restated sale and purchase agreement (SPA), the statement said.

The deal is expected to be closed by the second quarter of 2019, subject to obtaining the required regulatory approvals.