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Sberbank to sell stake in Denizbank to Emirates NBD for $3.2 billion

Sberbank to sell stake in Denizbank to Emirates NBD for $3.2 billion
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MOSCOW (Reuters) – Russia’s Sberbank said on Tuesday it had signed a definitive agreement on selling its 99.85 percent stake in Turkey’s Denizbank <DENIZ.IS> to Emirates NBD for 14.6 billion Turkish lira ($3.2 billion).

The closing of the transaction is subject to regulatory approval in Turkey, Russia, the United Arab Emirates and other relevant jurisdictions where Denizbank operates. The transaction is expected to close in 2018.

Sberbank also said Emirates NBD will pay interest on the consideration for the period between Oct. 31, 2017 and the transaction closing date.

(Reporting by Vladimir Soldatkin; Editing by Biju Dwarakanath)

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