© Reuters. A man rides a bicycle past Emirates NBD head office in Dubai

DUBAI (Reuters) – Dubai’s largest lender Emirates NBD Bank has reached a new agreement to buy Turkey’s Denizbank from Russia’s state-owned Sberbank for 15.48 billion lira ($2.77 billion).

The current offer is lower than the $3.2 billion agreement reached last year.

The transaction is expected to be completed by the end of the second quarter, subject to regulatory approval, Emirates NBD said in an exchange filing on Wednesday.

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