Sberbank’s Denizbank Acquired by Emirates NBD Bank

Sberbank of Russia has signed a share purchase agreement for the sale of Denizbank, the fifth largest bank in Turkey, to leading UAE banking group Emirates NBD Bank. Emirates NBD will acquire 99.85% of Denizbank’s issued capital for a consideration of approximately USD 3.2 billion. The completion of the transaction is subject to clearance from the regulatory authorities in Turkey, Russia, the United Arab Emirates and other countries in which Denizbank operates.

Paksoy announced that Stéphanie Beghe Sönmez (Partner), Sera Somay (Partner), Şansal Erbacıoğlu (Counsel, Tax and Fiscal Services), Ökkeş Şahan (Counsel), Selen Terzi Özsoylu (Counsel) and Nazlı Bezirci (Senior Associate) acted as local counsel to Sberbank on this transaction.