From one perspective, the end of May wasn’t a bad time for M&A prospects in central and eastern Europe, despite scares of a Greek exit from the euro.
Nationalized Austrian lender Hypo Alpe hired Deutsche Bank to sell its businesses in the former Yugoslavia. In Turkey, Citi sold a 10% stake in Akbank for an expected $1.15 billion. Most encouragingly, Sberbank entered exclusive talks to buy the Turkish unit of Dexia, for $4 billion.
The problem, however, is that these deals were all of one kind – burdened western banking institutions seeking to free up capital from non-core assets.
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