Emirates Bank has acquired shares in the Turkish DenizBank and its Austrian subsidiary
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 is Sberbank of Russia.
Upon review and approval of the transaction by the regulatory authorities in the involved jurisdictions, the acquisition was finally closed on 31 July 2019.
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. https://www.emiratesnbd.com/en/
DenizBank A.Ş. is one of the five largest private credit institutions in Turkey (694 bank branches and approximately 14,000 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. https://www.denizbank.at/
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 Brigita Rakar (associate); in Real Estate: Markus Uitz (Partner) and Michael Delitz (associate), in Employment: Angelika Pallwein-Prettner (Partner), in Antitrust: Christine Dietz (Partner) and in IP/IT: Ivo Rungg (Partner).
The Clifford Chance Dubai lead counsel team was led by Mohammed Al-Shukairy (Partner Corporate/M&A), Oliver Jarvis-Bicknell (Associate Corporate/M&A) and Sara Salameh (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).