Diversifying

 As part of the transaction, and on closing, Emirates NBD will assume ownership of Denizbank’s subordinated debt previously provided by Sberbank. The closing of the transaction is subject to regulatory approval in Turkey, Russia, the United Arab Emirates (UAE) and other relevant jurisdictions where Denizbank operates. The transaction is expected to close in 2018. NBD May 2018 

Restatement of agreement for the proposed sale and purchase of 99.85% of the shares in Denizbank A.S. signed between Emirates NBD and Sberbank of Russia 3rd April 2019, Dubai, Moscow – Emirates NBD Bank PJSC ("Emirates NBD") and Sberbank of Russia ("Sberbank") refer to the announcement dated 22nd May 2018 relating to the proposed acquisition of 99.85% of the shares in Denizbank A.S. ("Denizbank") pursuant to a sale and purchase agreement which was signed between Emirates NBD and Sberbank on 21st May 2018 ("SPA"). Emirates NBD and Sberbank announce that the SPA with revised terms was signed on 2nd April 2019 ("Restated SPA"). Under the Restated SPA, the total consideration for 99.85% of the shares in Denizbank has been agreed at Turkish Lira (TRY) 15.48 billion. Denizbank equity capital amounts to TRY 15.51 billion under consolidated Banking Regulation and Supervision Agency (BRSA) at 31st December 2018. The transaction is expected to complete by the end of Q2 2019, subject to obtaining the required regulatory approvals.

Dopo la caduta della lira si era parlato di un risparmio anche superiore rispetto ai 400 milioni o addirittura di una rinuncia. In realtà la chiusura annunciata stamane da NBD è una conferma del fatto che il mercato turco rimane un'opportunità soprattutto dopo la sconfitta di Erdogan che dovrà mettere mano in maniera seria all'economia. Settori come quello agricolo e turistico, che rappresentano il core business di Denizbank, sono anche i più appetibili per la Dubai che ha un disperato bisogno di diversificazione.