Dubai – Mubasher: Emirates NBD and Sberbank of Russia announced that they received all the required approvals from banking regulators for implementing the restated share purchase agreement (SPA) signed between both parties.
Under the SPA, Emirates NBD, the UAE’s second-biggest bank, would acquire 99.85% of the share capital of Denzibank A.Ş. from Sberbank, according to a press release.
The two banks have obtained the regulatory approval from the Central Bank of the UAE (CBUAE), Turkey’s Banking Regulations and Supervision Agency (BRSA), the Financial Market Authority (FMA) in Austria, and the Central Bank of Russia (CBR) to proceed with the transaction.
“A few remaining regulatory approvals are currently being sought, following which the parties will be in a position to complete the transaction,” the release added.
Reuters previously reported that the UAE-based bank had received the approval of Turkey's Banking Regulation and Supervision Agency (BDDK) to acquire Denizbank from Russia’s Sberbank.
In May 2018, Emirates NBD had signed an agreement to acquire Sberbank’s 99.85% stake in the Turkish bank Denizbank for AED 11.7 billion.
