MIDEAST STOCKS-Gulf markets weak as bank stocks hit on Turkey exposure | Reuters:
Banks with exposure to Turkey contributed to dragging Gulf markets lower on Monday as investors remain concerned about their links to Turkey’s currency crisis.
Dubai’s largest bank Emirates NBD, which in May agreed to buy Turkey’s Denizbank in a $3.2 billion deal, tumbled 3.3 percent.
The bank said on Sunday it was “closely monitoring” the situation in Turkey but declined to comment on whether it was renegotiating the terms of the deal. Brokerage firm Arqaam Capital said in a research note that the Turkish lira’s plunge provided Emirates NBD with “an opportunity to reduce the acquisition price by as much as 27 percent.”
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