Russia's Sberbank buys DenizBank

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Russia's Sberbank buys DenizBank

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Russia’s largest lender Sberbank has clinched a deal to buy Turkey’s DenizBank from Dexia for two point eight billion euros.

State-controlled Sberbank moved after Dexia rejected a bid from Qatar National Bank as too low.

Sperbank is expanding in emerging Europe and diversifying away from a home market that it dominates.

It is paying 505 million euros for regional player VBI from Austrian lender Volksbanken. That sale was agreed in February.

Franco-Belgian Dexia is being force to sell off businesses after its state rescue by Belgium, France and Luxembourg last October.

It is left only needing to find a buyer for its assets management arm to complete its conversion from lender to “bad bank” holding.