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Haya Rashed Al Khalifa Attorneys advises OAO Sberbank in the successful acquisition of Denizbank AS, valued at US$3.53 Billion

May 2012

Haya Rashed Al Khalifa Attorneys acted as Bahraini legal counsel to OAO Sberbank (SBER) of Russia, Russia’s largest Bank and the biggest lender in Eastern Europe, in the acquisition Turkish Denizbank AS (DENIZ) from Belgium’s Dexia SA for 6.47 billion liras ($3.53 billion).

This landmark transaction, which is expected to be earnings accretive for Sberbank from year one, represents the largest acquisition in the bank’s 170-year history and is the latest step in Sberbank’s transformation from a domestic champion into a leading international financial institution.

The sale includes Denizbank’s Austrian, Russian and Bahrain units, Haya Rashed Al Khalifa Attorneys advised on the Denizbank AS, Bahrain Branch acquisition.  The sale is expected to be completed in the fourth quarter after regulatory approvals and the deal would be the largest in Eastern Europe, the Middle East and Africa this year and the biggest in Turkey.  The Haya Rashed Al Khalifa team was led by partner Ronald Langat assisted by associate Saad Al Doseri.

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