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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
