Sberbank barely carried off his legs from Turkey

Sberbank sold Denizbank for $ 300 million cheaper than it bought in 2012.
Origin source
Sberbank continues to reduce business abroad, fleeing sanctions of the US and the European Union.

The largest state bank of Russia agreed on the sale of its Turkish "daughter": Denizbank will be sold to Emirates NBD PJSC - the largest bank in Dubai, which is controlled by the government of the UAE.

The deal will amount to $ 3.2 billion, the press service of the Savings Bank said on Tuesday. Emirates NBD will receive 99.9% of the shares, as well as claims on subordinated loans, which were provided by Sberbank.

For the Russian bank, the acquisition of Denizbank in 2012 was the largest international transaction in history. But it has to be reduced at a loss, says Alpari analyst Roman Tkachuk.

Six years ago, Sberbank paid $ 3.5 billion for a Turkish daughter, and earlier Denizbank itself estimated 60% more expensive - in the range of $ 5-5.5 billion.

The main source of losses is the collapse of the Turkish lira, Tkachuk points out: in comparison with 2012, the dollar exchange rate against the lira jumped 2.5 times, and in May it renewed the historical maximum, approaching the level of 4.7 liras per dollar (against 1, 9 lira 6 years ago).

Leaving Trucia is due to sanctions, said on the air "Russia 24" on Tuesday, the head of Sberbank German Gref.

"Unfortunately, we can not receive dividends, we can not provide financing to our bank, we can not raise money from the market." We have withdrawn our Turkish bank from under American sanctions, it is under European sanctions, which makes it not competitive in the Turkish market " , - explained Gref.

He added that Sberbank "would never get out of this business if it were not for the sanctions regime."

"This news is negative for Russian citizens who loved to have a rest in Turkey and now they will not have the opportunity to withdraw money from Denizbank ATMs in Antalya without commission," warns Tkachuk.