Emirates NBD recently proclaimed that it is planning to purchase Denizbank from Sberbank. Reportedly, the latest deal is supposed to be finalized at an approximately 20% discount to the earlier decided price, after a sheer drop in the Turkish lira. Under the latest agreement with state-owned Sberbank, Dubai’s biggest lender proclaimed that it will purchase Turkey’s 5th biggest private bank for about $2.8 Billion, compared to the earlier decided amount of about 14.6 Billion Lira disclosed in May 2018.
Although the latest agreement’s lira value is superior, the dollar value when it was disclosed in May 2018 was put at the comparable value of about $3.2 Billion, which is about $400 Million more than the latest price. The lira has dropped over distresses regarding Ankara’s worsening ties with Washington and the Turkish central bank’s independence.
On a similar note, recently, Emirates NBD came into the news as it is bidding to draw attention from the 3rd party fintech companies to its API Sandbox environment. Reportedly, the bank is currently promising to offer demo prospects with the bank’s senior leaders. It is also planning to offer a certification award to participating startups.
The sandbox, which is developed jointly with Virtusa, has more than 200 APIs and about 500 end points. It covers corporate, retail, and SMEs. Developers as well have access to more than three million computer-generated customer transactions on the basis of the Banking Industry Architecture Network (BIAN) model. Established in 2018, the bank is now trying to encourage more 3rd parties to the development program. For this purpose, the bank is collaborating with the Dubai International FinTech Hive accelerator from Financial Centre to start a novel program. Reportedly, this program will certify fintech companies, which pass the testing phase.