Biggest Dubai Bank Courts Foreigners as It Plans Turkey Bid - Bloomberg

Biggest Dubai Bank Courts Foreigners as It Plans Turkey Bid - Bloomberg:

"Emirates NBD PJSC plans to open up for more foreign shareholders as Dubai’s biggest bank prepares a bid for Turkey’s DenizBank AS. The shares surged.

The bank is seeking shareholder approval to boost its foreign ownership limit to 20 percent from 5 percent, the Dubai government-controlled lender said Sunday in a statement. It also plans to raise capital by 7.35 billion dirhams ($2 billion) from an issue of new shares at no less than a 10 percent discount to the market price.

Emirates NBD is preparing to submit a bid for Sberbank PJSC’s wholly owned Turkish unit in March, people with knowledge of the matter said last month. A deal for Moscow-based Sberbank’s 99.9 percent holding could be valued at about $3.69 billion, according to Bloomberg calculations."



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