Friday 1 June 2012

FINANCE - Sberbank deal looking imminent

Russia’s biggest bank Sberbank is set to sign a preliminary agreement next week to buy failed Franco-Belgian lender Dexia’s Turkish unit DenizBank, a source close to the negotiations said on June 1.

“An agreement is planned to be signed June 7-8 ... It will be preliminary,” he said, adding that discussions on price would continue after the signing.

The Belgian government had been looking to raise 1.5 times DenizBank’s book value, which according to Reuters calculations is around $3.9 billion, based on the current exchange rate of the Turkish lira.

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