Citigroup sells stake in Turkey’s Akbank for $1.2b

Istanbul: Citigroup has sold its nearly 10 per cent stake in Turkey’s Akbank for $1.2 billion, the US lender said on Thursday, its latest disposal of overseas assets to cut costs and boost profits.

New York-based Citi has been paring back in international markets in recent years, pulling out of retail banking in Turkey as well as long-established businesses such as Japan. Citi, which had been the second-largest shareholder in Akbank, said the sale would not have a material impact on its finances. It did not disclose the buyer.