Turkey, Russia plan to establish a joint bank

3 months ago
1 min read

Russian Kremlin spokesman Peskov announced that the establishment of a joint bank between the two states will be on the agenda during Russian leader Putin’s visit to Turkey.

Russia previously owned a bank in Turkey known as DenizBank. Russia’s Sberbank sold DenizBank to Emirates NBD, Dubai’s largest bank, for $3.2 billion.

The Russians are now looking to buy or partner with banks in Turkey again in the wake of Western sanctions. Accordingly, Russia is most likely to buy Turkey’s Development Bank, which has a low free float on the stock exchange.

Vakıfbank and Halkbank are also on the list, but the fact that these banks are too expensive for the Russians may determine the outcome of the negotiations.

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