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Wednesday, April 7, 2010 as of 11:14 AM ET

Emerging Markets

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Emerging markets

Emerging markets are nations with social or business activity in the process of rapid growth and industrialization.

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Dexia In Exclusive Talks With Sberbank On Denizbank-Source

Struggling lender Dexia SA (DEXB.

BT) said Thursday that it is in exclusive talks to sell its Turkish Denizbank AS (DENIZ.IS) unit to Russia's biggest bank, OAO Sberbank (SBER.RS), as the once-mighty Belgian-French bank continues to shed off key assets to shore up its balance sheet."Further to a competitive bidding process the Dexia group and Sberbank have decided today to enter into exclusive negotiations with a view to disposing of Denizbank, following the submission by Sberbank of a binding offer," Dexia said in a short statement. "The parties have agreed to achieve, within the shortest possible timeframe, the signing of a purchase and sale agreement. This is for Dexia a major milestone in the execution of its orderly resolution plan announced in the fall of 2011."No financial information was disclosed in Dexia's after-market announcement, but a person familiar with the deal said that it would be worth between $3 billion and $4 billion and "the biggest in Sberbank's history," with de...

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