DenizBank deal ready, settlements should take place 'shortly' - Sberbank
MOSCOW. July 31 (Interfax) - Sberbank , which has on numerous occasions shifted the timeline for the closure of the deal on the sale of its Turkish subsidiary DenizBank, did not provide a precise timeframe in its H1 2019 reporting, saying only that the deal is expect to "settle shortly."
Last year, Sberbank reached an agreement on the sale of DenizBank with UAE-based lender Emirates NBD. The deal was supposed to close in Q1 2019, then in H1, followed by a July 16 statement from Sberbank chief Herman Gref indicating that it could close before the end of the month.
"At the end of July 2019 the parties have fulfilled all the terms and conditions necessary for the completion of the deal, and Sberbank expects the deal to settle shortly," the lender's report said.
Sberbank signed a binding agreement with Emirates NBD at the end of May 2018 to sell 99.85% of Denizbank. At the time, the stake was valued at TRY14.609 billion ($3.2 billion). However, Sberbank later reported that the terms of the agreement set the minimum price at $3.4 billion.
In April 2019, Sberbank and Emirates NBD signed an updated sale and purchase agreement on the acquisition sale of Denizbank for TRY15.48 billion, or $2.75 billion in accordance with the exchange rate at the end of April. Sberbank bought Denizbank from Belgium's Dexia for $3.5 billion in 2012.