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Completion of the sale and purchase of 99.85% of the shares in DenizBank A.Ş. by Emirates NBD from Sberbank of Russia
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Completion of the sale and purchase of 99.85% of the shares in DenizBank A.Ş. by Emirates NBD from Sberbank of Russia

by Insight World EditorAugust 1, 2019

Emirates NBD Bank PJSC and Sberbank refer to the announcement dated 30th June 2019 relating to the approval by banking regulators in the UAE, Turkey, Austria and Russia of the proposed acquisition of 99.85% of the shares in DenizBank A.Ş. by Emirates NBD from Sberbank.

Emirates NBD and Sberbank are pleased to announce that the Transaction has now been completed, with Emirates NBD now holding 99.85% of the shares in DenizBank A.Ş.

Herman Gref, CEO, Chairman of the Executive Board of Sberbank commented: “Since 2012, DenizBank has made meaningful progress across all key areas, delivering growth in sales of products and services via digital channels, implementation of advanced risk management practices and risk culture improvement, and the ability to shape a unique customer experience, maintain a balanced financial structure and meet the external challenges with confidence. The number of DenizBank clients more than doubled during this period and the assets increased more than 3.5 times. With the sale of DenizBank, Sberbank has completed a key stage in their international strategy change that will allow the bank to concentrate on the further development of Sberbank’s ecosystem in Russia.”

Hesham Abdulla Al Qassim, Vice Chairman and Managing Director, Emirates NBD said: “We are proud to mark a new chapter in our growth journey by welcoming DenizBank to the Emirates NBD family. While there is considerable cross-border trade and business activity across the MENAT region, only few banks can claim to have a strong pan-regional presence. Emirates NBD is now looking to change this with DenizBank, and we are pleased to have found a partner that has built a strong franchise and reputation as a leading banking group. We are confident this partnership will unlock a host of benefits for our customers, investors, and stakeholders across all the markets we operate in. We look forward to working together to leverage our shared expertise, resources, and human capital to build a banking powerhouse that will lead the MENAT region in innovation and service delivery, while ensuring that our customers remain at the heart of our journey.”

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