Add to favorite
Subscribe to our Newsletters Subscribe to our Newsletters Get Daily Updates RSS

Sberbank Announces Agreement to Acquire 99.85% of DenizBank
8.06.2012 14:02
Sberbank Announces Agreement to Acquire 99.85% of DenizBank
Sberbank logo

Today Sberbank announces its acquiring of 99.85% of Turkish DenizBank, what will bring Sberbank to the lucrative market of the eighteenth largest economy in the world.

Today Sberbank of Russia (“Sberbank”) and the shareholders of DenizBank AS (“DenizBank”) – Dexia NV/SA and Dexia Participation Belgium SA (together, “Dexia”) – have signed a definitive agreement for the acquisition of 99.85% of DenizBank by Sberbank for a consideration in Turkish Lira of TRY 6,469 million (at the current exchange rates approximately EUR 2,821 million or US$3,504 million), says the official press-release of Sberbank of Russia. This implies a valuation of Turkish Lira 6,479 million for 100% of DenizBank’s share capital. The transaction includes DenizBank and its subsidiary companies in Turkey, Austria and Russia. The agreed purchase price is equivalent to 1.33x DenizBank’s shareholders’ equity as of 31 March 2012 and is subject to adjustments at closing.

“Sberbank’s acquisition of DenizBank is another step in delivering Sberbank’s 2014 strategy” said Herman Gref, CEO and Chairman of the Executive Board of Sberbank, today in Istanbul. “With this acquisition, Sberbank will enter a highly attractive market, which has demonstrated exceptional growth and profitability levels in the recent years”.

DenizBank ranked 8th among Turkish banks by total consolidated assets, deposits and by loans as of 31 March, 2012. The bank has been one of the biggest success stories in Turkish financial services. Launched as a start-up by its current management in 1997, DenizBank today is the 5th largest private bank by total consolidated assets in Turkey with a long-term track record of high growth and attractive profitability. The bank enjoys nationwide coverage with 592 branches in Turkey, as well as 15 branches of subsidiary banks abroad.



Irina Fomina, based on Sberbank press-release


Author: Irina Fomina

Tags: Sberbank Russian banks    

Next Previous

You might also find interesting:

The Government will be Able to Increase Export Duties on Oil Products
Russian Crowdfunding Market Grew by 34% during 2018
The Purchase of Advertisements on Facebook for Russian Accounts will be Subject to a New VAT
The Tax Rate for Self-employed Citizens may Become 4%
Large Foreign Companies Showed the Worst Results in Entering and Leaving the Russian Market in 2018

Comment on our site

RSS   twitter   facebook   submit

Bookmark and Share

search on the map
Pskov Region  Exhibitions in Moscow  Phobos-Grunt  Russian cosmonauts  Multimedia Art Museum  Vladimir Potanin  Russian music  Russian Cinema  Russian hockey  Novoaltaisk  Russian Poetry  "Music Hall" Theatre  Floods   Russian Literature  Moscow planetarium  Alisher Usmanov  ArtDocFest  Murmansk Museums  Moscow  Auctions in Moscow  Krasnoyarsk Krai  Vladivostok  St. Petersburg  Nelidovo  Russian tourism  Leningrad Region  Vorobyevy Hills  Nizhny Novgorod Region  Liski  Festivals in Moscow  Clint Eastwood  Russian history  Monuments  Moscow parks  Russian business  Nazi  Spartak Moscow  ExoMars 2016  Mercedes-Benz Fashion Week Russia  ROSCOSMOS  Innovations  Wrangel Island  Hepatitis  The Big Cartoon Festival   Bashneft  Moscow hotels  Saint Petersburg  Tver  Russian airlines  Google maps 

Travel Blogs
Top Traveling Sites