Emirates NBD has acquired Turkey's Denizbank for $2.8 billion, revised down from the $3.2 billion it had agreed to earlier. The UAE's second largest bank will take over at the Turkish lender, as it looks to tap in to Turkey's 80 million, largely young and underbanked, population. Elsewhere, a range of cryptocurrencies surged on Wednesday in response to bitcoin's rise the day before. Daily headlines from the UAE and around the world brought to you by Gulf News. See more at: http://gulfnews.com/videos
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00:00Dubai's largest bank, Emirates NBD, has agreed to acquire Turkish lender Deniz Bank for the
00:08sum of $2.75 billion. That has been revised down from an amount agreed upon last May of
00:15$3.2 billion because of depreciations in the Turkish lira.
00:20Emirates NBD will acquire Deniz Bank from the Russian group Spear Bank and they say
00:26that it will be an attractive proposition for them because Turkey has a young, underbanked
00:31population of over 80 million people. Emirates NBD currently has around $136 billion in assets
00:39under its management, whilst Deniz Bank has around $37 billion.
00:43In other news, a whole host of cryptocurrencies are surging following Bitcoin's positive
00:49performances yesterday after many, many months of being dormant. One Reuters report suggested
00:55that a private individual had acquired upwards of $100 million in Bitcoin, sending the price
01:03rocketing up to close to $5,000, where it now sits. In line with this, other cryptocurrencies
01:09such as Ethereum and Ripple also posted major gains yesterday, their first for many, many months.
01:17And lastly, in response to environmental concerns,
01:20Ikea is expected to begin renting some of its furniture, including desks and chairs,
01:26as opposed to selling it. The world's largest furniture group has previously said that it was
01:30investigating leasing furniture, but now it has provided more details on that, saying that it is
01:37a way for Ikea to begin to deliver and execute on their transformation strategy of being a more
01:43environmental company. That's all from us today. You can find the latest headlines on gulfnews.com.
01:48I'm Ed Clouds and we'll be back tomorrow with more news. Thanks very much for watching.