RIA NOVOSTI. Sberbank could buy from South Africa’s Standard Bank its Turkish assets, RIA Novosti reported on Monday quoting British The Financial Times and a source in the banking circles.
On March 11, 2011 Sberbank signed an agreement of intent to buy investment company Troika Dialog, one of the largest shareholders of which was Standard Bank. In Turkey, according to the paper’s source, Standard Bank plans to sell brokerage Standard Unlu either to its chief executive officer Mahmut Unlu or to a third party. The British bank’s operations in Turkey were launched in 2007 when it acquired 67% of the assets held by Dundas Unlu Menkul Degerler, founded by Mahmut Unlu.
Standard Bank CFO Simon Ridley noted in turn that the bank has not yet announced an intention to sell its Turkish assets. “No announcement has been made to date that the Turkish assets will be sold, as this is one of our most profitable divisions," Ridley pointed out.
In January-March 2011 Standard Unlu’s net profit totaled TL 8.7 mln (around $5.7 mln), while earnings came to TL 77.2 mln (roughly $51 mln).
Sberbank of Russia has been eying foreign assets for a long time. For the record, the largest Russian lender attempted to participate in a tender to sell 20% of Turkish Garanti Bank. Furthermore, a possibility was discussed some time ago to swap Sberbank shares for an equity stake in a large Western bank. However, these both ideas did not get off the ground. Rumors have circulated in recent months that Sberbank could buy a number of Turkish banks.
