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amounted to RUB821bn rubles, according to the agency. At the end of last year, the DIA began to settle its accounts with the Central Bank on this debt and paid back the first RUB17bn.
At the beginning of 2018, the DIA also increased the base rate of banks' contributions from 0.12% to 0.15% of the average balance on deposits for the quarter, which is its main source of funds.
8.1.8 Sberbank news
Russian state-owned banking giant Sberbank has delayed the sale of its Turkish subsidiary Denizbank until the end of 2018 or the beginning of 2019, the bank said on November 1. Earlier, Sberbank had expected to sell its Turkish assets to the Arab bank Emirates NBD before the end of 2018. “The closure of the transaction must be approved by the regulatory authorities of Turkey, Russia, the United Arab Emirates and other countries in which Denizbank operates. It is expected that the transaction will be closed at the end of 2018 or the beginning of 2019,” a statement by Sberank said as reported by Vedomosti. In May, Sberbank and Emirates NBD signed a binding agreement to sell 99.85% of Denizbank's shares for TRY14.6bn Turkish liras using an escrow account mechanism. Additionally, Emirates NBD will pay interest on the purchase price for the period from October 31, 2017 to the date of the transaction. Settlements for the transaction will be made in US dollars and the contract includes an element of hedging, given the Turkish lira has been extremely volatile this year, but the range specified by the contract is narrow, according to reports: the impact of changes in the exchange rate will not have a significant impact on the over value of the deal, noted Sberbank.
Russia's largest bank Sberbank contained the deposit outflow seen in September, posting 1.9% increase on retail accounts to RUB12.42 trillion ($184mn) under Russian Accounting Standards. In September the bank lost 1.7% of retail deposits to RUB12.19 trillion. In August and September together depositors pulled $2bn from the bank amid sanction fears and pressure on ruble. In October ruble deposits increased at Sberbank, while the FX outflow
67 RUSSIA Country Report December 2018 www.intellinews.com