Citigroup Sells Stake in Turkey's Akbank for $1.2 Billion -- Update

By Chelsey Dulaney 

Citigroup Inc. said Thursday that it has sold its 9.9% stake in Turkey's Akbank T.A.S. for about $1.2 billion, the latest move by the big U.S. bank to ratchet back its international operations.

Citigroup said it doesn't expect the sale to have a material impact on its finances.

Perhaps the most internationally focused of the big U.S. banks, Citigroup has nonetheless exited a raft of markets lately as part of its global efforts to streamline its operations.

In October, Citigroup said it would exit consumer operations in 11 countries, including El Salvador and Guatemala, though the bank will continue to serve institutional clients in the markets.

The move is part of an agenda laid out by Chief Executive Michael Corbat to focus on wealthier customers in fast-growing countries, and to make the bank more manageable and less risky in the eyes of regulators.

Citigroup said Thursday that it is still committed to growing its business in Turkey, where it employs about 500 people.

Write to Chelsey Dulaney at [e-mail]

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