Emirates NBD closes $2.8b DenizBank buy.

Emirates NBD said on Wednesday it has completed the purchase of 99.85 percent of the shares in DenizBank of Turkey from Russia's Sberbank. The transaction is valued at $2.8 billion as per the revised sale price as the lira depreciated in April. Emirates NBD CEO Shayne Nelson said the Dubai-based bank would support Denizbank if it needed a capital increase. Speaking at the signing ceremony of Sberbank's sale of its shares in Denizbank to Emirates NBD, Nelson said that NBD is a long-term investor in Turkey.

In April, Emirates NBD said it was buying Denizbank from Sberbank for 15.48 billion lira ($2.8 billion), lower than a previously agreed price. Turkey's BDDK banking watchdog approved the transaction in June and the sale was completed on Wednesday. Hesham Abdulla Al Qassim, Vice Chairman and Managing Director, Emirates NBD, said the lender is proud to mark a new chapter in its growth journey by welcoming DenizBank to its family.

Herman Gref, CEO, Chairman of the Executive Board of Sberbank, said since 2012, DenizBank has made meaningful progress...