Emirates NBD closely monitoring Turkey situation

DUBAI — Emirates NBD, Dubai’s largest bank, said on Sunday it was closely monitoring the situation in Turkey.

The bank declined to comment on whether it was renegotiating the terms of its acquisition of Turkey’s Denizbank from Russia’s state-owned Sberbank, a $3.2 billion (Dh11.75 billion) deal announced in May.

In a research note, Arqaam Capital said the 37 per cent plunge in the Turkish lira since the announcement of the deal provided Emirates NBD “an opportunity to reduce the acquisition price by as much as 27 per cent.” (Reuters)