Qatar National Bank SAQ (QNBK)’s talks to acquire Denizbank AS (DENIZ), the Turkish lender put up for sale by Dexia SA (DEXB), remain stalled over price as other potential buyers, including Russia’s OAO Sberbank, express renewed interest, according to three people familiar with the situation.
QNB is still seeking a price close to Denizbank’s book value, which stood at about $2.5 billion at the end of last year, while Dexia is seeking more than 1.5 times book value, two of the people said, declining to be identified as the talks are private. Dexia is in discussions with buyers who had earlier considered bidding for Denizbank, the people added, including Sberbank, whose deputy chief executive officer said yesterday that his bank was looking seriously at a potential deal.
European banks are seeking to sell assets, loan portfolios and entire units to raise cash amid the region’s debt crisis and to meet tougher capital requirements. Lenders including Deutsche Bank AG (DB) and France’s Societe Generale SA (GLE) have announced plans to shed more than $1 trillion in assets, according to Bloomberg data.
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