August 12, 2018 / 12:27 PM / 4 months ago

Dubai's Emirates NBD says closely monitoring Turkey situation

DUBAI, Aug 12 (Reuters) - 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 deal announced in May.

In a research note, Arqaam Capital said the 37 percent 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 percent.” (Reporting by Tom Arnold; Editing by Mark Potter)

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