Emirates NBD has signed a revised purchase agreement to acquire Turkey’s Denizbank for TRY15.48bn ($2.8bn) from Russia’s Sberbank.

The revised deal value in lira terms is higher compared to TRY14.6bn announced in May last year. However it is nearly $440m less in dollar value.

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The drop is due to plummeting value of Turkish lira over concerns of autonomy of Turkish central bank and other factors.

According to the agreement, Emirates NBD Bank will acquire Sberbank’s full 99.85% stake in Denizbank.

The deal will help Emirates NBD to further diversify its business as well as establish itself as the leading lender in the Middle East region.

On the other hand, the transaction will help Sberbank to focus on its home market. The Russian lender acquired Denizbank in 2012 for nearly $3.5bn.

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Overall, Sberbank is expected to receive around $5bn from the divestment including capital and debt.

Denizbank is one of the largest private banks in Turkey with assets more than TRY169.4bn. It caters to 11.8 million customers through 708 branches in Turkey and 43 additional centres in other countries.

The Denizbank acquisition, which is subject to regulatory approvals, is expected to close by the end of this quarter.

Denizbank chief executive Hakan Ates told Reuters: “The negotiations are completed between the parties and the process of regulatory approvals are still going on.

“I do not know how long it would take but I hope it will finalise as soon as possible.”

Following the announcement of the revised agreement, the shares of all the three related banks improved.