DUBAI: Emirates NBD, Dubai’s largest bank, said on Tuesday it had started initial strategic discussions with Russia’s Sberbank about a possible purchase of Sberbank’s stake in Turkey’s Denizbank.
Emirates NBD has previously acquired BNP Paribas’ Eygptian banking business and has been scouting for opportunities in the Turkish banking sector for several years as part of its international expansion.
Moscow-based Sberbank was evaluating opportunities to sell its 99.85 percent holding in the Turkish lender, Reuters reported on Monday, citing sources, adding that banks from the Gulf, including Emirates NBD, and China were among those interested.
Sberbank, Russia’s biggest bank by assets, bought Denizbank in 2012 for around $3.5 billion as it was trying to establish a presence abroad.
In a statement on Tuesday, Emirates NBD said the talks were at a very preliminary stage and there was no certainty that any transaction would be completed, adding that a further announcement would only be made if there was a material development.
The bank said it routinely evaluated potential opportunities in different markets.
Emirates NBD completed the acquisition of BNP Paribas’ Egyptian assets in 2013.
The bank, which earlier this month posted a 17 percent rise in fourth-quarter net profit, said at the time it was planning to continue its international expansion in 2018.
After opening its first branch in India in 2017, the bank said in 2018 it would grow its branch network in Egypt and Saudi Arabia and open a representative office in Turkey.
Dubai’s Emirates NBD in early talks to buy Turkey’s Denizbank
Dubai’s Emirates NBD in early talks to buy Turkey’s Denizbank
Free trade negotiations between GCC, India mark new phase of partnership, says sec-gen
RIYADH: The Gulf Cooperation Council’s secretary-general affirmed that the negotiations for a free trade agreement between the GCC and India, and the signing of the joint statement, represents a new phase of strategic partnership.
Jasem Mohamed Al-Budaiwi said that this contributes to enhancing close cooperation and strengthening economic and trade ties, according to the Saudi Press Agency.
This came during the signing ceremony of the joint statement on launching the free trade agreement negotiations between the Al-Budaiwi and India’s Minister of Commerce and Industry, Piyush Goyal, which took place in New Delhi, on Tuesday.
During the signing ceremony, Al-Budaiwi said that the Terms of Reference, signed on Feb. 5, provide a comprehensive and clear framework for these negotiations. The two nations agreed to discuss enhancing cooperation in vital strategic areas, including trade in goods, customs procedures, and services.
Additionally, the framework covers Sanitary and Phytosanitary measures, intellectual property rights, cooperation on Micro, Small, and Medium Enterprises, along with other topics of mutual interest. This reflects the comprehensive nature of the agreement and its ability to keep pace with the future economy.
Al-Budaiwi expressed hope that these negotiations would lead to a comprehensive and ambitious free trade agreement that works to remove customs and non-customs barriers, enhance the flow of quality investments in both directions, and achieve further liberalization in trade and investment cooperation between the GCC and India for mutual benefit.
This would provide a stimulating economic environment and an investment climate that opens broad horizons for the business sector, supports supply chains, and accelerates the pace of economic growth in line with the ambitious developmental visions of the GCC states.
The top official affirmed the full readiness of the General Secretariat to host the first round of negotiations at its headquarters in Riyadh during the second half of this year.
The two sides held a meeting during which they reviewed the existing cooperation relations between the GCC and India and discussed ways to develop and elevate them to broader horizons, serving mutual interests and enhancing opportunities for strategic partnership between the two sides, particularly in the economic, investment, and trade fields.
They praised the role undertaken by the negotiating teams from both sides, appreciating the efforts contributing to reaching a comprehensive agreement that enhances economic integration and supports the smooth flow of trade between the two nations.
