Dubai’s Emirates NBD lender has revised its cost price of Turkey’s Denizbank after a slide from the Turkish lira, saying it’s now agreed to pay 15.48 billion lira ($2.8 billion).
The price represents a $400 million savings based on the purchase price of the lira in the first time of the deal 10 months ago.
Emirates NBD issued an announcement with the provisions that signify that the depreciation of the Turkish lira over the past calendar year.
Emirates NBD first announced in May it had agreed to acquire 99.85percent of the shares of Denizbank from Russia’s Sberbank. The trade will be subject to regulatory approvals and will be finished by July.
Local press reported Wednesday Emirates NBD shares soared to their highest level in 10 years.