(MENAFN) Dubai's Emirates NBD was declared in a joint statement to have struck an agreement to acquire 99.85 percent stake in Turkey's Denizbank from Russia's Sberbank.
The statement announced "in accordance with the signed agreement, the consideration for 99.85 percent equals 14.6 billion Turkish liras ($3.1 billion) under a locked box mechanism, based on consolidated equity capital of Denizbank as of Oct. 31, 2017."
Emirates NBD was explained to be making an interest payment on the consideration of a time between October 31 last year and the expiration of the transaction, with Emirates NBD set to claim ownership of Denizbank's subordinated debt of which Sberbank presented in the past.
The Russian major bank's CEO Herman Gref commented "Denizbank is one of the most attractive assets in the Turkish banking sector. We highly value the management team and the results achieved during our ownership of Denizbank since 2012."
Gref added "the decision to sell Denizbank is prompted by a change in Sberbank Group's international strategy and will allow us to focus further on the development of ecosystem of Sberbank."
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