Monday, April 15, 2019View Showroom
Emirates NBD Bank PJSC ("Emirates NBD") and Sberbank of Russia ("Sberbank") refer to the announcement dated 22nd May 2018 relating to the proposed acquisition of 99.85% of the shares in Denizbank A.S. ("Denizbank") pursuant to a sale and purchase agreement which was signed between Emirates NBD and Sberbank on 21st May 2018 ("SPA").
Emirates NBD and Sberbank announce that the SPA with revised terms was signed on 2nd April 2019 ("Restated SPA"). Under the Restated SPA, the total consideration for 99.85% of the shares in Denizbank has been agreed at Turkish Lira (TRY) 15.48 billion. Denizbank equity capital amounts to TRY 15.51 billion under consolidated Banking Regulation and Supervision Agency (BRSA) at 31st December 2018. The transaction is expected to complete by the end of Q2 2019, subject to obtaining the required regulatory approvals.