Russia’s Sberbank clinched the purchase of Turkey’s Denizbank for up to 3.09 billion euros ($3.9 billion), expanding its footprint in emerging Europe and diversifying it away from a home market that it already dominates, Hurriyet Daily News reported.

The announced value of the deal is 2.8 billion euros, but Denizbank said the final price would be based on prevailing exchange rates, meaning that it is expected to reach 7.09 billion Turkish Liras, or 3.09 billion euros. That price equates to 1.45 times the book value.

“It is a very reasonable price,” said banking analyst Leonid Slipchenko at UralSib in Moscow. “If we look at the Turkish economy, the banking system is more sustainable compared to other European banking systems.”

Dexia acquired Denizbank for 3.9 times its book value in 2006. Speaking at the acquisition deal signing ceremony in Istanbul, Dexia Chief Executive Pierre Mariani said that if the deal is closed this year at current exchange rates, Dexia would register a loss of 700 million euros. The deal should close by the end of 2012, DenizBank said.

Russia’s largest bank said the long-coveted purchase, which ranks as its largest ever, would help it achieve its goal of boosting foreign earnings to 5 percent of the group total by 2014.

“Sberbank’s total net profit is higher than that of the Turkish banking industry combined. It has 70 million customers and 20,000 branches,” Denizbank Chief Executive Hakan Ateş said at the event, adding that Sberbank made the highest bid.