#Dubai's Emirates NBD to buy Turkey's Denizbank for $2.8 billion in revised deal | Reuters

Dubai's Emirates NBD to buy Turkey's Denizbank for $2.8 billion in revised deal | Reuters:

Dubai’s Emirates NBD said on Wednesday it will buy Turkey’s Denizbank from Russia’s Sberbank at a roughly 20 percent discount to a previously agreed price, after a steep fall in the Turkish lira.

Under a new agreement reached with state-owned Sberbank, Dubai’s largest lender said it will buy Turkey’s fifth largest private bank for 15.48 billion lira ($2.8 billion), compared to the 14.6 billion lira announced in May.

Although the deal’s lira value is higher, the dollar value when it was announced in May was put at the equivalent of $3.2 billion, about $400 million more that the new price.