Sberbank of Russia is considering the sale of its Turkish subsidiary DenizBank, reports Reuters, citing four sources in banking circles. In their statement, the savings Bank wants to part with the Turkish business because it now intends to focus on its core Russian market.
Agency sources say that the representatives of Sberbank met with the delegations of some investment banks for the sale of Denizbank. At least some of them do not want to participate in this process because of the Russian credit institution is under sanctions of EU and the USA.
Officially, Russia’s largest Bank has denied the information on intention to sell DenizBank. The organization pointed to the fact that recently increased the capital of the Turkish subsidiary.
Sberbank acquired DenizBank for $ 3.5 billion in 2012, when it sought to expand its presence abroad. This deal became the largest acquisition of a Russian credit institutions outside the country.
In may, the President of Sberbank German Gref said that DenizBank managed to get out from under U.S. sanctions. The unit also planned to shield and European sanctions imposed on credit institutions in 2014.
