US Citibank leaves Turkish banking market

The US Citibank will sell a stake in Turkey's Akbank, the Turkish newspaper Hurriyet reported March 5.


The total value of shares for sale is $1.2 billion, the newspaper reported.


Citibank bought a 20 percent stake in Akbank, paying $ 3.1 billion in 2007.


Citibank sold 10.1 percent of this package of shares at $1.150 billion in 2012.


At present, Citibank owns 9.9 percent of shares in Turkish Akbank. The shares will be fully put for sale.


Founded in 1812, Citibank is one of the largest US banks.


The Turkish banking sector is one of the leading sectors of the country’s economy. There are 49 banks, of which 36 are commercial and 13 - investment.


There are three state, 12 private banks with 100 percent Turkish capital in Turkey. Around 16 banks were established with foreign capital.