Russia’s Sberbank says received offer for Turkish unit Denizbank

MOSCOW-Reuters

Russia’s top lender Sberbank has received an offer for its Turkish unit Denizbank, Sberbank’s head German Gref told reporters on Feb. 13.

He also said that the bank had accumulated 40 billion rubles ($693 million) in net profit from foreign subsidiaries, while the bank had no plans to expand overseas.

Emirates NBD, Dubai’s largest bank, said on Jan. 30 it had started initial strategic discussions with Sberbank about a possible purchase of Sberbank’s stake in Denizbank.

Sberbank bought Denizbank in 2012 for around $3.5 billion as it was trying to establish a presence abroad.

Denizbank’s solo net profit rose to 1.88 billion liras in 2017 by a nearly 33 percent year-on-year increase, the bank announced in a stock exchange filing on Feb. 8.