Citigroup has completed offloading a 9.9% equity interest in Turkey’s Akbank for about $1.15bn, its latest sale of non-core operations overseas to slash costs and boost capital.
Citigroup has sold 396 million common shares in Akbank through an equity offering for TRY7.45 per share.
The deal is projected to have no material impact on the lender’s financials.
However, Citigroup said it is committed to serving its Turkey’s corporate and commercial clients such as medium and large corporations, financial institutions, public entities, and subsidiaries of foreign multinational companies even following the sale.
Citigroup acquired a 20% equity stake in Akbank in 2007, and in May 2012 sold 10.1% equity stake for $1.15bn.