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Russian Sberbank buys Turkish DenizBank

The Deniz Bank, which had a subsidiary of Belgian bank Dexia since 2006, has now been sold for three billion Euros to the Sberbank. Although the Deniz bank just had been bought in 2006 by the Belgian Dexia, now they wanted to raise capital.

First France and Belgium wanted to support Dexia with further guarantees of up to 55 billion Euros, soon turned out that the bank will need guarantees amounting to 90 billion Euros.

Due to the high capital requirements, Dexia Bank has now sold its Turkish DenizBank to the Russian Sberbank. Sberbank is currently trying to expand abroad. The purchase of DenizBank is the largest acquisition of Sberbank.

Dexia acquired the DenizBank in 2006. It is the tenth largest bank in Turkey with nearly 600 branches worldwide.