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Home News Russia’s Sberbank eyes Dexia’s Turkish unit: report

Russia’s Sberbank eyes Dexia’s Turkish unit: report

Published on 07/10/2011

Russia's largest bank Sberbank is looking to acquire DenizBank, a Turkish subsidiary of the struggling Franco-Belgian lender Dexia, a source close to Sberbank told the Interfax news agency on Friday.

“There is interest. The price is the decisive issue,” the source said.

French daily Les Echos reported Friday that Sberbank had “launched the process to select an advising bank to help prepare an offer,” without citing sources.

Sberbank’s press service was not immediately available for comment.

The bank’s chief German Gref said in early September that Sberbank was considering acquisitions in Turkey and Poland.

“We have worked out a clear strategy for our presence in Europe,” he said. “As a mid-term goal, we marked two countries for our presence — Turkey and Poland. These markets are very interesting to us.”

Luxembourg Finance Minister Luc Frieden said Thursday that an international investor is ready to buy Dexia’s Luxembourg branch Dexia BIL as part of the plans to dismantle the Franco-Belgian group.

The offer was reported by Belgian media to have come from the Qatari sovereign wealth fund at 900 million euros ($1.21 billion).