Why the savings Bank is freed from the Turkish “daughter”
According to Herman Gref, the reasons for the sale of Denizbank steel increased competition and complexity in the work in the Turkish market. The head of Sberbank described the causes of the politically correct. Under challenges, perhaps including meant and the last statements of the leader of Turkey Recep Tayyip Erdogan, who in an interview with Bloomberg last week laid the blame for inflation on high interest rates, and also said that he intends to seek greater influence on decisions on monetary policy after the election on June 24. Thus, the government may start to intervene in the work of the Central Bank of Turkey, which is a concern including foreign business, especially in the financial sector.
Bond yields of Turkey with maturity in February 2034 this background is already exceeded by 52 basis points bonds of Senegal with similar maturity.
Speaking about the deal, in rapidly deteriorating conditions, the price of 3.18 billion dollars, may not be the lowest, although the sale transaction will be at a discount to the purchase price of $ 3.5 billion.