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Dubai’s Emirates NBD says closely monitoring Turkey situation

Dubai’s Emirates NBD says closely monitoring Turkey situation

The bank announced an acquisition of Turkey’s Denizbank for $3.2bn in May

Emirates NBD, Dubai’s largest bank, said on Sunday it was closely monitoring the situation in Turkey.

The bank declined to comment on whether it was renegotiating the terms of its acquisition of Turkey’s Denizbank from Russia’s state-owned Sberbank, a $3.2bn deal announced in May.

In a research note, Arqaam Capital said the 37 per cent plunge in the Turkish lira since the announcement of the deal provided Emirates NBD “an opportunity to reduce the acquisition price by as much as 27 per cent.”

Read more: Dubai’s Emirates NBD to acquire Turkey’s DenizBank for $3.19bn

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