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FINANCE > Sberbank buys Denizbank

ISTANBUL – Hürriyet Daily News

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Russia’s largest lender, Sberbank, has reached an agreement with the Franco-Belgian lender Dexia to buy out Dexia’s Turkish unit Denizbank, according to local media reports citing Bloomberg News yesterday.

An unnamed official from the Banking Regulation and Supervision Agency (BDDK) said the next step in the regulatory phase was to examine the buyer. The review period could take nearly three months if the buyer is a “very well known entity,” the source said.

A source close to the negotiations had told Reuters earlier that a preliminary agreement had been planned to be signed June 7 or 8. 

Dexia was bailed out last October by France, Belgium and Luxembourg, and its assets are being sold.

June/07/2012

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