By Andrei Skvarsky.
Russia’s Sberbank is considering bidding for DenizBank, a Turkish lender owned by troubled European bank Dexia.
Dexia, a Brussels-headquartered bank anticipating what would be a second state bailout in the past few years, has its foreign assets up for sale.
“It is clear that Turkey is very much in play as far as Sberbank CEO German Gref is concerned – he has mentioned Turkey and Poland as interesting potential markets for Sberbank,” said Troika Dialog analyst Andrew Keeley.
Buying out DenizBank “would be quite a bit larger acquisition than that of VBI”, Keeley said in reference to Sberbank’s recent deal to buy the eastern European arm of Austrian lender Oesterreichische Volksbanken for at least 585m euros.
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