6/8/2012

Sberbank enters Turkish banking market with Denizbank acquisition

Zaman - Russia’s state-owned lender signed the preliminary agreement to acquire Dexia’s Turkish unit, Denizbank for TRY 6.5 billion (approximately USD 3.6 billion).
The deal is expected to be completed by the year-end, according to sources close to the negotiations. The sale price corresponds to 1.33 times Denizbank’s book value.
French-Belgian Dexia had put Denizbank on sale on October, 2011, along with many of its other assets. With the acquisition, Russia’s largest lender joins HSBC, UniCredit, Citigroup, ING Bank and many others in Turkey’s lucrative banking market.
Turkey; financial services sector; turkey banking market; sberbank turkey; dexia turkey; denizbank acquisition; foreign banks turkey