Emirates NBD saves $400M on Turkish bank after lira slide

DUBAI, United Arab Emirates – Dubai's Emirates NBD bank has revised its acquisition price of Turkey's Denizbank following a slide in the Turkish lira, saying it has now agreed to pay 15.48 billion lira ($2.8 billion).

The new price reflects a $400 million savings based on the price of the lira at the original time of the agreement 10 months ago.

Emirates NBD issued a statement Wednesday with the revised terms, which reflect the sharp depreciation of the Turkish lira over the past year.

Emirates NBD first announced in May it had agreed to acquire 99.85% of the shares of Denizbank from Russia's Sberbank. The transaction is subject to regulatory approvals and is expected to be completed by July.

Local media reported that Emirates NBD shares soared to their highest level in 10 years Wednesday.