Emirates NBD Bank, a UAE-based banking group, has completed the acquisition of Turkish lender Denizbank from Russia’s Sberbank.

The transaction was wrapped up following the receipt of all necessary regulatory approvals in the UAE, Turkey, Austria and Russia.

Last month, the transaction received green light from the Turkish Banking Regulation and Supervision Agency (BDDK).

Emirates NBD Bank signed an agreement to acquire 99.85% stake in Denizbank in May last year in a deal valued at TRY14.6bn ($3.2bn).

However, the deal value was revised to $2.8bn due to depreciating value of Turkish lira.

Sberbank CEO and chairman of the Executive Board Herman Gref said: “The decision to sell DenizBank is due to the sanction-related restrictions and a corresponding change in Sberbank’s international strategy that will allow us to concentrate on further development of our ecosystem in Russia.”

Denizbank is one of the largest private banks in Turkey. It has 706 branches across Turkey and Bahrain.

Emirates NBD managing director and vice-chairman Hesham Al Qassim said: “We are proud to mark a new chapter in our growth journey by welcoming Denizbank to the Emirates NBD family.

“We look forward to working together to leverage our shared expertise, resources, and human capital to build a banking powerhouse that will lead the MENAT region in innovation and service delivery, while ensuring that our customers remain at the heart of our journey.”