Deals
Citigroup Lost $800 Million on Holding in Turkey’s Akbank
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Citigroup Inc. is ending its investment in Akbank TAS, Turkey’s second-largest bank by market value, at a loss of $800 million on the value of its 2007 purchase.
The U.S.-based lender sold all of its remaining 9.9 percent holding in the Istanbul-based bank for $1.15 billion, it said in a statement on Thursday. The bank negotiated an early exit from a three-year lockup agreement it signed with Akbank’s main owner, Sabanci Holding, when it sold an almost equivalent stake for the same amount in 2012.