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Sberbank finalizes acquisition of Denizbank
29.09.2012 17:49
Sberbank finalizes acquisition of Denizbank
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On Friday the largest Russian bank Sberbank has completed acquisition 99.85% share of Turkish Denizbank from  Franco-Belgian bank Dexia S.A. The agreement for acquisition was signed between the parties on June 8, 2012.

In a press release, Sberbank said the deal will let the bank to enter the fast growing bank market of Turkey, what is a part of the business strategy of Sberbank.

The cost of the acquisition is in Turkish Lira of TRY 6,469 million (at the current exchange rates approximately EUR 2,790 million). By the end of the year Sberbank will pay out an additional sum, an equivalent of the net assets cost growth from January 1, 2012 up to September 28, 2012.

DenizBank, Turkey's sixth largest private sector bank, has 588 branches across Turkey, a further branch in Bahrain, a Vienna-based subsidiary Denizbank AG and a Moscow-based unit for clients doing business in Russia. It had total assets of TRY 44.9 billion ($25 billion). The net profit in the first half of 2012 has made up TRY 334 million.

Based on Sberbank press-release

Author: Irina Fomina

Tags: Russian banks Sberbank    

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