Emirates NBD has secured the go-ahead from the Turkish Banking Regulation and Supervision Agency (BDDK) to buy Turkish lender Denizbank.
The seller is Sberbank, who agreed to sell a 99.85% stake in Denizbank to Emirates NBD in May last year. At that time, the deal was valued at TRY14.6bn ($3.2bn).
However, earlier this year, the purchase price was revised to TRY15.48bn ($2.8bn).
The revised price reflected the decreasing value of Turkish lira.
The transaction already received the green light from UAE’s central bank, Banking Regulations and Supervision Agency in Turkey, Financial Market Authority in Austria as well as the central bank of Russia.
In a statement to Dubai Financial Market, Emirates NBD said: “All required approvals from banking regulators have been received.
“A few remaining regulatory approvals are currently being sought, following which the parties will be in a position to complete the transaction.”
The deal is said to be the largest M&A transaction in Turkey since 2012. It is also said to be the largest purchase of Emirates NBD.
The transaction is expected to wrap up in the second quarter of this year.
According to media reports, Denizbank has 709 domestic branches and employs 14,125 staff.
Sberbank snapped up Denizbank in 2012 in a transaction worth around $3.5bn.