Page 50 - TURKRptJul19

● Akbank
8.1.8 Banks news
Emirates NBD gets key approval to acquire Turkey’s Denizbank from Russia’s Sberbank: report. Emirates NBD has received a key regulatory approval that takes it a step closer to sealing its purchase of Turkey’s Denizbank, two people with knowledge of the matter informed Bloomberg on June 27. Emirates NBD, Dubai’s biggest lender, reportedly received an approval from the United Arab Emirates central bank. However, it still needs Turkey’s banking regulator to give its assent before the acquisition from Russia’s Sberbank can be completed, the people were cited as saying. Turkey’s relations with the UAE are somewhat on the rocks and there are fears Ankara could intervene to stop the acquisition. Emirates NBD signed an adjusted deal in April to buy Sberbank’s wholly-owned Turkish unit. The changed deal could save it as much as $700mn. The revised price tag of Turkish lira (TRY) 15.48bn ($2.7bn) was agreed to take into account the severe depreciation of the lira last year amid a currency crisis and recession in Turkey. The deal would mark Turkey’s largest M&A deal since 2012. It would also be the Dubai bank’s biggest acquisition to date.
Marka Holding has announced that it has suspended plans to buy now- defunct Turk Ticaret Bankasi from Turkey’s Saving Deposit Insurance Fund (TMSF). “We have decided to shelve our plans to buy the bank for the time being due to developments inside the company and volatility in Turkey,” Marka Holding said in a filing with the Istanbul stock exchange. “Once we meet
50 TURKEY Country Report July 2019 www.intellinews.com