Dubai – Mubasher: Emirates NBD’s stock, listed on the Dubai Financial Market (DFM), has jumped during Sunday’s mid-session on the back of the recent official approvals for the bank to acquire Sberbank of Russia’s stake in Denizbank A.Ş.
By 11:00 am UAE time, the stock rose by 5.05% to AED 11.45, with around 1.25 million shares traded on the stock at a turnover of AED 14.33 million, pushing up the banks sector by 2.6%.
Meanwhile, the DFM’s general index added 1.4% to 2,661.98 points.
Earlier this day, Emirates NBD and Sberbank of Russia announced that they received all the required approvals from banking regulators for the DFM-listed bank’s acquisition of Sberbank’ stake of 99.85% in the Turkish bank Denizbank for AED 11.7 billion.
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.
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.
