Sberbank transfers Denizbank shares to UAE lender

By Tuba Sahin

ANKARA (AA) - Sberbank of Russia has transferred its 99.85% shares in Turkey's Denizbank to Emirates NBD holding.

The transaction has been completed after approval by banking regulators in the U.A.E., Turkey, Austria and Russia, Emirates NBD and Sberbank confirmed in a statement.

"With the sale of DenizBank, Sberbank has completed a key stage in their international strategy change that will allow the bank to concentrate on the further development of Sberbank’s ecosystem in Russia," said Sberbank’s CEO Herman Gref.

Hesham Abdulla Al Qassim, vice chairman and managing director of Emirates NBD, also said the partnership will unlock a host of benefits for customers, investors, and stakeholders across all the markets it operates in.

"We look forward to working together to leverage our shared expertise, resources, and human capital to build a banking powerhouse that will lead the MENAT region in innovation and service delivery, while ensuring that our customers remain at the heart of our journey,” Al Qassim said.