Citigroup Completes Sale Of 10.1% Equity Interest In Akbank
25 May 2012 - 5:04PM
Dow Jones News
Citigroup Inc. (C) said Friday it sold 404 million common shares
in Turkish lender Akbank TAS (AKBNK.IS), representing a 10.1%
stake, for 5.24 Turkish lira per share.
The U.S. bank said it expects proceeds from the transaction to
total $1.15 billion, resulting in an after-tax loss of about $243
million in the second quarter. The deal will also generate about 23
basis points of Tier 1 Common capital under Basel III, it
added.
Citi also agreed with Akbank parent Sabanci Holding AS
(SAHOL.IS) to hold its remaining 9.9% stake in Akbank's common
shares for a three-year lock-up period following the sale, while
the Turkish banking-to-retailing conglomerate agreed to waive its
right of first offer regarding the sale of Citi's 10.1% stake.
Citi and Sabanci also agreed to continue their strategic
cooperation.
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