Completion of the sale and purchase of 99.85% of the shares in DenizBank A.Ş. by Emirates NBD from Sberbank of Russia

Jul 31, 2019

31st July 2019, Dubai, Moscow, Istanbul – Sberbank of Russia ("Sberbank") and Emirates NBD Bank PJSC ("Emirates NBD") refer to the announcement dated 30th June 2019 relating to the approval by banking regulators in the UAE, Turkey, Austria and Russia of the proposed acquisition of 99.85% of the shares in DenizBank A.Ş. by Emirates NBD from Sberbank (the "Transaction").

Sberbank and Emirates NBD are pleased to announce that the Transaction has now been completed, with Emirates NBD now holding 99.85% of the shares in DenizBank A.Ş.

Herman Gref, CEO, Chairman of the Executive Board of Sberbank commented:

“Since 2012, DenizBank has made meaningful progress across all key areas, delivering growth in sales of products and services via digital channels, implementing advanced risk management practices and improving risk culture, showing the ability to shape unique customer experience, as well as maintaining balanced financial structure and meeting the external challenges with confidence. The number of DenizBank clients more than doubled during this period and the assets increased more than 3.5 times. The decision to sell DenizBank is due to the sanction-related restrictions and a corresponding change in Sberbank’s international strategy that will allow us to concentrate on further development of our ecosystem in Russia.”

Hesham Al Qassim, Vice Chairman and Managing Director, Emirates NBD said:

“We are proud to mark a new chapter in our growth journey by welcoming Denizbank to the Emirates NBD family. 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.”