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Sberbank completed a deal of selling DenizBank

Sberbank completed a deal of selling DenizBank

Sberbank completed a deal of selling DenizBank

To our regret, the deal of selling DenizBank to Dubai’s Emirates NBD has been completed. Now it owns 99.85% of the shares.

Until that moment, this bank was a subsidiary of Sberbank. That provided a wonderful opportunity for guests from Russia to withdraw cash at DenizBank ATMs without a commission. This was very convenient, since most Russians use Sberbank credit and debit cards. Without additional fees, MIR card holders could also withdraw money.

The sale of the bank was discussed and postponed for a long time. But, unfortunately, both sides of transaction came to an agreement. And starting from August 1, 2019, when withdrawing cash from DenizBank ATMs, Sberbank cards will be charged a fee in accordance with the rates for debit and credit cards of Sberbank PJSC.

“The decision to sell Denizbank is due to sanctions restrictions and a corresponding change in Sberbank’s strategy for international presence and will allow us to focus even more on the development of the Sberbank ecosystem in Russia,” said German Gref, the head of Sberbank. The deal amounted to 15.48 billion Turkish liras (about 2.71 billion dollars at the lira rate on the day of sale).



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