Of Special Interest
- Financial wellness affects half of peoples’ mental or physical health, finds report
- Study finds traditional financial institutions embrace Fintech disruption
- Grass is greener for environmentally friendly businesses, finds Barclays
- Prospective homeowners would consider a 40-year mortgage to escape renting, finds Santander
- Millennials’ needs are changing the face of banking industry, says new report
- FS is putting consumer data at risk by failing to protect mobile apps, says Arxan
- A lack of belief in their ability holds 28% women back in work, says Cambridge & Counties
- ‘Which?’ reveals Scotland has lost over a third of its bank branches in eight years
- Next downturn unlikely to be as bad as 2008, according to S&P
- FCA reveals findings from first cryptoassets consumer research
- US consumers favour single mobile app for banking and payments
- Banks suffering major IT shutdowns every day, ‘Which?’ reveals
- The US will be a key offshore centre in 2019, says GlobalData
- Debit industry changes markedly in 10 years of the Debit Issuer Study
- UK's ‘Big Five’ face ‘too big to compete’ as small challengers secure stellar returns
- Banks as vulnerable now as before crash, says new study
- Leverage ratio a constant conundrum for European and US banks, says SNL
25th May 2012
Sberbank set to buy Denizbank
Sberbank is reported to be close to finalising a deal to buy Denizbank from Dexia.
Sberbank was one of three banks that initially expressed interest in buying the Turkish Denizbank. It was apparently the first to drop out, leaving Qatar National Bank to hold solus talks with Dexia. These talks did not result in a deal and then HSBC had an attempt which appeared not to last long. Earlier this month it was reported that Sberbank had expressed a new interest in the purchase.
Price is said to have been the issue with Dexia seeking around 1.5 times book. This is high post-financial-crisis, although many banks are seeking an entrance to Turkey and therefore is perhaps achievable. Such a multiple would suggest a purchase price of around $4bn (€3.2bn £2.6bn ¥318bn Y25.3bn). Sberbank has made no secret that it wants a presence in Turkey.
Turkey is expected to have high economic growth during the next 15 years and is one of O'Neill's Growth 8 countries - the expanded model developed from his earlier BRIC country idea.