Emirates NBD stands chance to renegotiate Denizbank acquisition | GulfNews.com:
The sharp decline of the Turkish lira in recent weeks has triggered speculation in banking circles that Emirates NBD stands a chance to renegotiate its deal to acquire Denizbank as the valuation has declined substantially in dollar terms from the time of its acquisition.
The Turkish Lira has lost more than 40 per cent against the dollar so far this year, and 45 per cent from the time of acquisition making the valuation of the stock cheaper by nearly $1 billion in dollar terms.
Emirates NBD agreed to buy the Turkish bank from Russia’s Sberbank for 14.6 billion liras worth $3.2 billion on May 22.
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