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Citigroup to sell 9.9% equity interest in Turkey's Akbank

By Religare

Citigroup Inc. has sold 396 million common shares in Akbank T.A.S. through an equity offering representing its entire 9.9 per cent equity interest in the company for TRY7.45 per share.

Total proceeds from the sale are expected to be approximately USD 1.15 billion, with no material financial impact to Citigroup.

Sabanci Holding and Citigroup have expressed their mutual satisfaction at their partnership since 2007.

Story first published: Thursday, March 5, 2015, 23:00 [IST]
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