Binder Grösswang advised on the acquisition of Turkish DenizBank by Emirates NBD Bank

Binder Grösswang advised in close cooperation with Clifford Chance Emirates NBD Bank PJSC on the acquisition of 99.85 % of the shares in Turkish DenizBank A.Ş. and its Austrian subsidiary DenizBank AG. The seller was Sberbank of Russia. The consideration for 99.85 % of the shares is 2.7 billion Euro based on the consolidated equity of DenizBank A.Ş. as of 31 October 2017.

The closing is subject to approval by banking and antitrust authorities in various jurisdictions.

DenizBank A.Ş. is one of the five largest private credit institutions in Turkey (694 bank branches and approximately 15,000 employees) with subsidiaries in Russia, Austria, the Turkish Republic of Northern Cyprus and branches in Germany and Bahrain. The Austrian DenizBank AG operates twenty-seven branches in Austria and sixteen branches in Germany with a head office in Frankfurt am Main. www.denizbank.at

Emirates NBD Bank PJSC is a leading banking group in the Middle East, listed on the Dubai Financial Market (DFM) and a key participant in the global digital banking business. The group is active in both retail and corporate banking. www.emiratesnbd.com/en/

The Binder Grösswang team was under the lead of M&A partner Thomas Schirmer and banking partner Stephan Heckenthaler and included further: Felix Fuith (associate Corporate/M&A), in Finance/Banking Regulatory: Stefan Frank (senior associate) and Markus Cejka (associate); in Real Estate: Markus Uitz (Partner) and Michael Delitz (associate), in Employment: Angelika Pallwein-Prettner (Partner) and Stefan Frank-Woda (associate), in Antitrust: Christine Dietz (Partner) and in IP/IT: Ivo Rungg (Partner) and Arne Greiner (associate).

The Clifford Chance Dubai lead counsel team was led by Mohammed Al-Shukairy together with Andrew Steele (Counsel Corporate/M&A), Oliver Jarvis-Bicknell (Associate Corporate/M&A) and Charlotte Monk (Associate Corporate/M&A). The Clifford Chance Frankfurt team was led by M&A partner Thomas Krecek together with Stefan Bruder (Counsel Corporate/M&A) and Christian Hissnauer (Senior Associate Banking & Finance).