The Turkish Banking Supervision and Regulatory Commission has approved the request of Emirates NBD to purchase most of the shares of Deniz Bank of Turkey.
In a statement issued on Friday, the board said it had agreed to the request by Emirates NBD to buy 99.85 percent of Deniz Bank.
Reports says that, the Turkish bank shares purchased by Emirates NBD were owned by Russian Bank, Sber Bank, which agreed to sell them for 15.48 billion Turkish lira ($ 2.77 billion).
The Turkish-based Deniz Bank is the country’s fifth-largest private bank with a total assets of 169.4 billion Turkish lira ($ 30 billion).
The Turkish bank operates through a network of 751 branches, of which 708 branches are in Turkey and 43 are in other regions (Austria, Germany, Bahrain, Moscow and Cyprus).
Emirates NBD, Dubai’s largest bank by market value, is one of the largest banks in the Middle East and North Africa by assets.
The Bank operates in the UAE, Egypt, Saudi Arabia, Singapore and the UK and has representative offices in India, China and Indonesia.