DenizBank acquired by Emirate with Binder Großwang
Emirates NBD Bank has agreed to buy 99.85% of DenizBank A.Ş. for €2.7 billion. The deal includes the Turkish lender’s Austrian subsidiary, DenizBank AG, which operates 27 branches in Austria and 16 in Germany. The acquisition marks a major expansion for the Dubai-based banking group.
DenizBank A.Ş. is one of Turkey’s five largest private banks, with 694 branches and around 15,000 employees. The seller in this transaction was Sberbank, a Russian financial institution.
Emirates NBD Bank, a leading banking group in the Middle East, enlisted legal advice for the deal. Binder Grösswang, led by Thomas Schirmer and Stephan Heckenthaler in Vienna, handled key aspects of the acquisition. Clifford Chance’s teams in Dubai and Frankfurt also provided guidance on regulatory and transactional matters.
The purchase remains subject to approvals from antitrust and financial regulators in multiple jurisdictions. Until these clearances are secured, the deal will not be finalised.
Once completed, the acquisition will significantly expand Emirates NBD’s presence in Turkey and Europe. DenizBank’s extensive branch network and workforce will integrate into the Dubai-based group’s operations. The transaction’s value stands at €2.7 billion, pending regulatory sign-off.
