Savings Bank buys Turkish Denizbank

Now Russia holds the largest State Bank 99.85% Turkish tenth largest credit institution.



Sberbank has signed with the Franco-Belgian banking group Dexia agreement to acquire 99.85% stake in the tenth to the Turkish bank assets - Denizbank. The remaining 0.15% stake in the Turkish credit institution listed on the market. The acquisition price is approximately $ 3.5 billion - 6.479 million YTL for 100% of the bank, Sberbank President German Gref. After signing the agreement, he expressed the hope that a deal will be closed until the end of this year, adding that it would depend on the approval of a large number of regulators.Buy Deniz - part of a strategy to diversify Savings country risk, expanding markets, said the chief economist of the Criminal Code "Finam Management" Alexander Osin. According to him, it is important for development, with strong competition in the domestic market for long-term development plans of the bank loan as an international holding company, are interested in this Russian authorities. "Sberbank" expected from the purchase of Turkish DenizBank increase in the share of net income earned abroad, up to 7-8% and, according to the bank's strategy, the group assumed in 2014 to increase the share of net income from foreign "daughters" not less than 5%. Probably, the Savings Bank expects to normalize the situation in world finance, and uses the current situation. The deal amounted to $ 3.5 billion, based on the Istanbul Stock Exchange quotations, DenizBank in April was worth $ 5.9 billion, "- said Osin.In general, analysts said news of the purchase of the Savings Bank of the Turkish Denizbank was expected - announced the start of due diligence at the end of May. The desire to buy the asset previously announced Qatar Qatar National Bank, but the Savings Bank offered a more interesting conditions, recalled senior analyst at IG "Nord-Capital" Roman Tkachuk. According to him, at the end of 2011 Denizbank AS equity was $ 2.4 billion, assets - $ 23.4 billion, the bank owns more than 600 offices in Turkey, has branches in Austria and Russia. Earlier, the head of Sberbank German Gref called Denizbank the highest quality asset in the Turkish market. Probably, the structure of the Savings Bank will be merged with Denizbank previously purchased the Austrian Volksbank International. "We are positive about this purchase (especially since it was on the bottom border offers a range of $ 3.5 billion - the Savings Bank has chosen a good time to buy) and the expansionist policies of the Savings Bank as a whole - the bank actively develops and implements its plans to enter the market in Eastern Europe, with This capital adequacy Savings remain high, "- said Tkachuk.Analyst Catherine Investkafe Kondrashov drew attention to the traditional appeal of Turkey as a tourist destination for Russians. "For the Turkish Savings Denizbank very appealing in that the bulk of tourists to this country have the Russians. So, one of the areas in the Turkish bank could be services for Russian tourists. In addition, the growth of Sberbank of Russia has already restricted, and therefore the bank must move further - from the Russian Federation, which is precisely reflected in the bank's development strategy, aimed at the formation of a global financial institution in the face of the Savings Bank and the next 10-20 years ", - said the expert. According to her, the Savings Bank can afford to purchase, as was little affected by the European crisis. Kondrashov and colleagues agree that for the Savings Bank is not a risky move, and literate thought-out strategy when you can very favorable terms to buy one of the European banks that are experiencing financial difficulties because of the financial crisis, and therefore the value of their business is estimated significantly cheaper.