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Dubai, UAE (UAE) – Emirates NBD (NBD) announced today the signing of an agreement on the acquisition of the Russian bank Spear in the Turkish bank Deniz SA, on terms and conditions. revised.
The largest bank in Dubai offers about $ 400 million, thanks to the depreciation of the lira and the slow economic growth in Turkey since the announcement of the agreement 10 months ago: 14.6 billion of lire ($ 3.12 billion) and $ 4.67 lire.
The Turkish lira has lost about 16.8% of its value against the dollar since the initial agreement of May 22nd.
As part of this new agreement, the Emirati bank will pay 15.48 billion Turkish lira ($ 2.75 billion) to the Russian bank in exchange for a 99.85% stake in the Turkish bank Denizbank, which is the largest foreign acquisition ever made by the bank.
Following the announcement of the acquisition, Emirates NBD jumped to 6.05%, its largest increase in more than 6 months, recording its most active activity in a year with volumes of 8.7 million shares .
The deal comes at a time when the Turkish currency is affected by an economy with a high inflation rate and around 20%. The policy of the Central Bank of Turkey has so far failed to curb it.
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