Citigroup Sells Its 9.9 Percent Stake In Akbank At 7.45 Lira/share

- Citigroup sold its 9.9 percent stake in Akbank, at 7.45 lira per share, as part of its strategy to focus on its core business activities, expecting a total 1.15 billion dollars, according to a statement released by Akbank on Thursday.

Suzan Sabancı Dinçer, Executive Chair Person of Akbank, said Citi would remain "a very important financial partner" for them.

An announcement was made on 4th March, 2015 which stated that as part of its strategy to focus on its core business activities and cease its minority involvements in other companies due to ongoing capital planning initiatives, Citigroup Inc. started the sale of the totality of its 9.9 percent share capital in Akbank.

"As of yesterday evening, Citigroup has finalized the sale of its shares in Akbank corresponding to 9.9 percent of the bank’s share capital. Due to the type of the transaction, book building was carried out following the close of the market" Akbank said in the statement.

Suzan Sabancı Dinçer said, "Citigroup’s shares in Akbank were very small so it is natural that it decided to follow this course of action due to the group’s responsibilities towards all its stakeholders."

"I would like to offer Citi’s executive management my gratitude for a very successful strategic partnership since 2007. We have always been honoured by the trust placed not just in Akbank but also Turkey by such an esteemed global brand as Citi. During this time, Akbank and Citi carried out many important projects together. Our successful partnership led to great opportunities. Going forward, we will remain open to further collaborations with Citi. Citigroup will remain a very important financial partner for us" she added.