Russia’s Sberbank has entered exclusive talks to buy Turkish lender DenizBank for up to $4bn in a rare expansion move at a time when many western banks are retrenching to their core markets.
Russia’s largest bank by assets is hoping to sign a deal within weeks for the retail bank that was put up for sale by ailing Franco-Belgium lender Dexia last year.
A takeover of the Istanbul-listed bank would be one of the largest global bank deals this year at a time when lenders from emerging markets are seeking to capitalise on the weaknesses of European rivals.
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