WOOD Flash – Sberbank: Deniz sale sealed with a lower price – still a good deal
This morning (3 April), Sberbank and Emirates NBD announced that the Denizbank sale has been sealed with a lower price tag of USD 2.8bn, vs. USD 3.2bn initially. Our impression is that Sberbank lowered the price to make the acquisition happen. Today, Akbank and Garanti trade at 0.7x current book, so exiting Deniz at 1.0x P/BV with a >100bps Tier 1 contribution is still a good deal in the current market reality. As for dividends: Sberbank’s board will decide on dividends on 16 April. As the deal is unlikely to be closed by then, the board may overlook the capital contribution and opt for aSberbank Russia is an open joint stock commercial bank. Co.'s principal business activity is corporate and retail banking. This includes, but is not limited to, deposit taking and commercial lending in freely convertible currencies, local currencies of countries where the subsidiary banks operate and in Russian Roubles, support of clients' export/import transactions, foreign exchange, securities trading, and trading in derivative financial instruments. Co.'s operations are conducted in both Russian and international markets. As of Dec 31 2014, Co. had total assets of RUB25.20 trillion.
WOOD & Company is the leading investment bank in Emerging Europe. Founded in 1991 and head-quartered in Prague, our footprint spans the region and touches investors around the globe.
A pioneer in Emerging Europe, WOOD executed many of the first CEE equity trades and landmark investment banking transactions. Our electronic trading platform was the first in the region, and remains the best. We are continually expanding our relevance and reach in these ever-evolving markets.
Our equity market share reflects our stature: 7% in Warsaw, 20% in Bucharest, 16% in Hungary, 40% in Prague and 5% in Vienna. Our distribution is unparalleled, with the largest salesforce in the region, servicing a uniquely diverse investor base.
We couple local expertise with a truly international perspective. With offices on the ground in the region, and in key financial hubs such as London and Milano, we are never far from our clients and we remain at the forefront of what’s afoot in the CEE emerging and frontier landscape.
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