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Sberbank decides to sell Denizbank because of European sanctions — CEO

May 22, 2018, 19:10 UTC+3

The deal is expected to be closed this year

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MOSCOW, May 22. /TASS/. Sberbank made a decision to sell Denizbank, its Turkish subsidiary, because of European sanctions affecting its competitiveness on the Turkish market, Chief Executive Officer of the Russian bank Herman Gref said on the air with the Rossiya 24 TV Channel on Tuesday.

"We would never withdraw from this business if it were not for the sanctions regime. We regrettably cannot receive dividends, cannot provide financing to our market and cannot attract money from the market. We brought our Turkish bank out of US sanctions; it is under European sanctions rendering it uncompetitive on the Turkish market," Gref said.

It was reported earlier today that Sberbank signed the binding agreement on sale of 99.85% in Denizbank to UAE’s Emirates NBD for 14.6 bln Turkish lira (about $3.25 bln).

The deal is expected to be closed this year. It must be approved by regulators of Turkey, Russia, UAE and other countries, where Denizbank operates.

Denizbank is fifth largest bank in Turkey. The bank’s chain comprises 751 offices, including 708 in Turkey and 43 in Austria, Germany, Bahrain, Russia and Cyprus.

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