Emirates NBD in talks to acquire Sberbank’s Turkish unit

Emirates NBD has initiated talks to acquire Sberbank of Russia’s Turkish unit Denizbank, the Dubai-based lender said in a statement.

Talks are at a “very preliminary stage and there is no certainty that any transaction will be entered into,” Dubai’s biggest lender said.

The move comes as part of Emirates NBD’s routine evaluation of potential opportunities across markets, it added.

Sberbank has been under sanctions by the US and European Union  since 2014, according to earlier news reports.