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Binder Groesswang, Clifford Chance, and Herbert Smith Freehills Advise on Emirates NBD Bank Acquisition of DenizBank

Binder Groesswang, Clifford Chance, and Herbert Smith Freehills Advise on Emirates NBD Bank Acquisition of DenizBank

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Binder Groesswang and Clifford Chance have advised Emirates NBD Bank PJSC on the acquisition of 99.85% of the shares of Turkish DenizBank A.S. and its Austrian subsidiary DenizBank AG from Sberbank of Russia. Herbert Smith Freehills advised Sberbank on the sale.

The consideration for 99.85 % of the shares is EUR 2.7 billion based on the consolidated equity of DenizBank as of October 31, 2017. The closing is subject to approval by banking and antitrust authorities in various jurisdictions.

DenizBank is a private credit institution in Turkey with subsidiaries in Russia, Austria, the Turkish Republic of Northern Cyprus, and branches in Germany and Bahrain. Austria's DenizBank operates twenty-seven branches in Austria and sixteen branches in Germany. 

Emirates NBD Bank PJSC is a banking group in the Middle East that is listed on the Dubai Financial Market (DFM) and is a participant in the global digital banking business. The group is active in both retail and corporate banking.

The Binder Groesswang team was led by Partners Thomas Schirmer and Stephan Heckenthaler and included Partners Markus Uitz, Ivo Rungg, Angelika Pallwein-Prettner, and Christine Dietz, Senior Associates Stefan Frank, and Associates Markus Cejka, Felix Fuith, Michael Delitz, Stefan Frank-Woda, and Arne Greiner.

Clifford Chance's Dubai team was led by Partner Mohammed Al-Shukairy, and included Counsel Andrew Steele and Associates Oliver Jarvis-Bicknell and Charlotte Monk Clifford Chance's Frankfurt team was led by Partner Thomas Krecek and included Counsel Stefan Bruder and Senior Associate Christian Hissnauer.

Herbert Smith Freehills's Moscow-based team was led by Partner Evgeny Zelensky, assisted by Counsel Stanislav Grigoryev and Senior Associates Anna Vashutina and Denis Morozov.