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Bloomberg
Emirates NBD PJSC is preparing to submit a bid for Sberbank PJSC’s wholly-owned Turkish unit in March, people with knowledge of the matter said. Dubai’s biggest bank is evaluating an offer for Denizbank AS, the people said, asking not to be identified because the talks are private. It could take several months before Sberbank decides whether or not to sell, they said.
Emirates NBD last month said it started preliminary discussions for the Denizbank purchase. A deal for Sberbank’s 99.9 percent holding could be valued at as much as $4.12 billion, according to Bloomberg calculations. Denizbank had a book value of $3.4 billion at the end of 2017 and Turkish banks trade at an average of 1.2 times book value, according to data compiled by Bloomberg. Sberbank fell as much as 0.6 percent in Moscow to 265.5 rubles, while Emirates NBD declined 1.2 percent to AED8.8 in Dubai, the most in two weeks.