Shares in Emirates NBD soared to a two-year high yesterday, after it confirmed it was in talks to acquire a majority stake in Turkish lender DenizBank from Sberbank of Russia.
"Discussions are at a very preliminary stage and there is no certainty that any transaction will be entered into," Emirates NBD, Dubai's biggest bank by assets, said in a statement on Tuesday.
"Emirates NBD routinely evaluates potential opportunities in different markets. A further announcement will only be made if there is a material development."
Emirates NBD shares surged on the news, closing up 6.5 per cent at Dh9, their highest one-day rise since January 2016.
Banks from the GCC and China have expressed interest in DenizBank, sources told Reuters on Monday. Shares in the Turkish bank rose 20 per cent on Tuesday, hitting a three and half year high, after gaining 14 per cent on Monday.
_______________
Read more:
[ Emirates NBD Q4 profit rises 17% on higher net interest income ]
[ FAB says that third-quarter net profit slips 18 per cent amid drop in net interest income ]
_______________
Earlier this month Emirates NBD's vice chairman and managing director Hesham Al Qassim said the bank planned to open a representative office in Turkey in 2018 "to better support our customer network".
The bank plans to expand its network in Egypt and Saudi Arabia as part of its international growth plans for the year.
“Emirates NBD have talked in the past about the need to be in the UAE, Saudi Arabia, Egypt and Turkey to be a proper regional bank,” said Sanyalak Manibhandu, head of research at NBAD Securities. “They’re in three out of four of those markets already, so this isn’t unexpected.”
Banks from the Arabian Gulf that had bought into Turkey include the National Bank of Kuwait.
Such acquisitions have often struggled to turn a profit for their new owners.
“Turkey is a difficult market to make money from,” said Mr Manibhandu.
“Banks from the Gulf going into the country have faced headwinds in terms of loan quality and exchange rates. Emerging markets currencies are strong right now against the dollar so it may be a good year to go in, but the headwinds others have faced will still blow across any new entrants."
DenizBank is Turkey's 15th largest bank by assets, according to data compiled by Bloomberg.
Sberbank acquired a 99.9 per cent stake in DenizBank, the Turkish unit of Franco-Belgian bank Dexia, for $3.5 billion in 2012, after the latter's demise following the 2011 European sovereign debt crisis.
SPECS
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now
Specs: 2024 McLaren Artura Spider
Engine: 3.0-litre twin-turbo V6 and electric motor
Max power: 700hp at 7,500rpm
Max torque: 720Nm at 2,250rpm
Transmission: Eight-speed dual-clutch auto
0-100km/h: 3.0sec
Top speed: 330kph
Price: From Dh1.14 million ($311,000)
On sale: Now
COMPANY PROFILE
Company: Eco Way
Started: December 2023
Founder: Ivan Kroshnyi
Based: Dubai, UAE
Industry: Electric vehicles
Investors: Bootstrapped with undisclosed funding. Looking to raise funds from outside
The Cockroach
(Vintage)
Ian McEwan
Herc's Adventures
Developer: Big Ape Productions
Publisher: LucasArts
Console: PlayStation 1 & 5, Sega Saturn
Rating: 4/5
UAE SQUAD
Goalkeepers: Ali Khaseif, Fahad Al Dhanhani, Mohammed Al Shamsi, Adel Al Hosani
Defenders: Bandar Al Ahbabi, Shaheen Abdulrahman, Walid Abbas, Mahmoud Khamis, Mohammed Barghash, Khalifa Al Hammadi, Hassan Al Mahrami, Yousef Jaber, Mohammed Al Attas
Midfielders: Ali Salmeen, Abdullah Ramadan, Abdullah Al Naqbi, Majed Hassan, Abdullah Hamad, Khalfan Mubarak, Khalil Al Hammadi, Tahnoun Al Zaabi, Harib Abdallah, Mohammed Jumah
Forwards: Fabio De Lima, Caio Canedo, Ali Saleh, Ali Mabkhout, Sebastian Tagliabue
Despacito's dominance in numbers
Released: 2017
Peak chart position: No.1 in more than 47 countries, including the United States, the United Kingdom, Australia and Lebanon
Views: 5.3 billion on YouTube
Sales: With 10 million downloads in the US, Despacito became the first Latin single to receive Diamond sales certification
Streams: 1.3 billion combined audio and video by the end of 2017, making it the biggest digital hit of the year.
Awards: 17, including Record of the Year at last year’s prestigious Latin Grammy Awards, as well as five Billboard Music Awards
MATA
Artist: M.I.A
Label: Island
Rating: 3.5/5
Getting there
The flights
Emirates and Etihad fly to Johannesburg or Cape Town daily. Flights cost from about Dh3,325, with a flying time of 8hours and 15 minutes. From there, fly South African Airlines or Air Namibia to Namibia’s Windhoek Hosea Kutako International Airport, for about Dh850. Flying time is 2 hours.
The stay
Wilderness Little Kulala offers stays from £460 (Dh2,135) per person, per night. It is one of seven Wilderness Safari lodges in Namibia; www.wilderness-safaris.com.
Skeleton Coast Safaris’ four-day adventure involves joining a very small group in a private plane, flying to some of the remotest areas in the world, with each night spent at a different camp. It costs from US$8,335.30 (Dh30,611); www.skeletoncoastsafaris.com
More from Neighbourhood Watch:
World Cup 2023 ticket sales
August 25 – Non-India warm-up matches and all non-India event matches
August 30 – India matches at Guwahati and Trivandrum
August 31 – India matches at Chennai, Delhi and Pune
September 1 – India matches at Dharamsala, Lucknow and Mumbai
September 2 – India matches at Bengaluru and Kolkata
September 3 – India matches at Ahmedabad
September 15 – Semi-finals and Final
The specs
Engine: 3.8-litre, twin-turbo V8
Transmission: seven-speed automatic
Power: 592bhp
Torque: 620Nm
Price: Dh980,000
On sale: now
Going grey? A stylist's advice
If you’re going to go grey, a great style, well-cared for hair (in a sleek, classy style, like a bob), and a young spirit and attitude go a long way, says Maria Dowling, founder of the Maria Dowling Salon in Dubai.
It’s easier to go grey from a lighter colour, so you may want to do that first. And this is the time to try a shorter style, she advises. Then a stylist can introduce highlights, start lightening up the roots, and let it fade out. Once it’s entirely grey, a purple shampoo will prevent yellowing.
“Get professional help – there’s no other way to go around it,” she says. “And don’t just let it grow out because that looks really bad. Put effort into it: properly condition, straighten, get regular trims, make sure it’s glossy.”
Nepotism is the name of the game
Salman Khan’s father, Salim Khan, is one of Bollywood’s most legendary screenwriters. Through his partnership with co-writer Javed Akhtar, Salim is credited with having paved the path for the Indian film industry’s blockbuster format in the 1970s. Something his son now rules the roost of. More importantly, the Salim-Javed duo also created the persona of the “angry young man” for Bollywood megastar Amitabh Bachchan in the 1970s, reflecting the angst of the average Indian. In choosing to be the ordinary man’s “hero” as opposed to a thespian in new Bollywood, Salman Khan remains tightly linked to his father’s oeuvre. Thanks dad.
The Abu Dhabi Awards explained:
What are the awards? They honour anyone who has made a contribution to life in Abu Dhabi.
Are they open to only Emiratis? The awards are open to anyone, regardless of age or nationality, living anywhere in the world.
When do nominations close? The process concludes on December 31.
How do I nominate someone? Through the website.
When is the ceremony? The awards event will take place early next year.
RESULTS
5pm Wathba Stallions Cup Maiden (PA) Dh70,000 (Dirt) 1,400m
Winner Munfared, Fernando Jara (jockey), Ahmed Al Mehairbi (trainer)
5.30pm Handicap (PA) Dh70,000 (D) 1,600m
Winner Sawt Assalam, Szczepan Mazur, Ibrahim Al Hadhrami
6pm Maiden (PA) Dh70,000 (D) 1,800m
Winner Dergham Athbah, Pat Dobbs, Mohamed Daggash
6.30pm Handicap (PA) Dh70,000 (D) 1,800m
Winner Rajee, Fernando Jara, Majed Al Jahouri
7pm Conditions (PA) Dh80,000 (D) 1,800m
Winner Kerless Del Roc, Fernando Jara, Ahmed Al Mehairbi
7.30pm Handicap (TB) Dh70,000 (D) 2,000m
Winner Pharoah King, Pat Dobbs, Doug Watson
8pm Conditions (PA) Dh85,000 (D) 2,000m
Winner Sauternes Al Maury, Dane O’Neill, Doug Watson
The schedule
December 5 - 23: Shooting competition, Al Dhafra Shooting Club
December 9 - 24: Handicrafts competition, from 4pm until 10pm, Heritage Souq
December 11 - 20: Dates competition, from 4pm
December 12 - 20: Sour milk competition
December 13: Falcon beauty competition
December 14 and 20: Saluki races
December 15: Arabian horse races, from 4pm
December 16 - 19: Falconry competition
December 18: Camel milk competition, from 7.30 - 9.30 am
December 20 and 21: Sheep beauty competition, from 10am
December 22: The best herd of 30 camels
Jurassic Park
Director: Steven Spielberg
Stars: Sam Neill, Jeff Goldblum and Richard Attenborough
Rating: 5/5
TV (UAE time);
OSN Sports: from 10am
No_One Ever Really Dies
N*E*R*D
(I Am Other/Columbia)
Zayed Sustainability Prize
The Byblos iftar in numbers
29 or 30 days – the number of iftar services held during the holy month
50 staff members required to prepare an iftar
200 to 350 the number of people served iftar nightly
160 litres of the traditional Ramadan drink, jalab, is served in total
500 litres of soup is served during the holy month
200 kilograms of meat is used for various dishes
350 kilograms of onion is used in dishes
5 minutes – the average time that staff have to eat
