A spokesman for Emirates NBD said that the necessary approvals to complete the purchase of Deniz Bank from the relevant government agencies in the UAE, the Ministry of Finance and the Central Bank, had not yet been obtained. According to statements made by Al-Bayan Economic newspaper.

Earlier, Bloomberg quoted Deniz Chief Executive Hakan Ates as saying that the sale of (Speer Bank) for his Turkish unit to Emirates NBD may be completed in early April. He added, in an interview with Dunya newspaper, that the sale process may be completed in the first few days of April.

He said that after that, further approvals are required to conclude the deal. Hermann Gref, chief executive of Speer Bank, expected in February that the sale would be completed by the end of the year, adding that he was not completely certain of the deal being concluded.


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