Citi in talks to sell Turkey consumer arm -source

LONDON Wed Dec 5, 2012 11:39am EST

LONDON Dec 5 (Reuters) - Citigroup has started a sale process for its consumer banking operations in Turkey and has held talks on a possible deal, a person familiar with the matter said.

Citigroup said earlier on Wednesday it was cutting 11,000 jobs worldwide to save as much as $1.1 billion a year in costs, and that plan would include selling or significantly scaling back its consumer operations in Turkey.

Citi has more than 2,000 staff in Turkey, where it operated its first branch in 1981. It launched its consumer banking business there in 1996 and in 2006 bought a 20 percent stake in Akbank, the country's largest privately owned bank, but sold half that stake in May.

A couple walks along the rough surf during sunset at Oahu's North Shore, December 26, 2013. REUTERS/Kevin Lamarque

Find your dream retirement town

Florida? Hawaii? Reuters has teamed up with Zillow to give you the power to customize a list of your best places to retire.  Video | Full Article