Emirates NBD casts a vote for Turkey

Emirates NBD casts a vote for Turkey

Emirates NBD PJSC is buying Deniz from Russia's Sberbank at a time when the country is struggling with a beleaguered lira, a wave of debt restructurings, up and coming elections and political intervention in the finance industry. The purchase is both Turkey's largest M&A deal since 2012 and the Dubai bank's largest acquisition. 

The purchase was agreed at 1.17x book value at the end of October, although that multiple is expected to decline to about 1.05 to 1.06x book value after including profit since then, subtracting interest payments, and taking into consideration the lira over this period.