Citigroup buys Turkish broker

LONDON, Sept 12 (Reuters) - Citigroup Inc. (C.N), the world's largest bank, said on Wednesday it had bought Opus Menhul Degerler, a brokerage house in Turkey, to grow its equities business.

Citi has been aggressively buying financial assets in emerging markets, including a 20 percent stake last year in Turkey's top lender Akbank (SPTURf.IS) for $3.1 billion.

Charles Prince, chairman and chief executive officer of the group, had set international expansion as one of his three priorities this year, to focus activities outside the U.S.

Citi's other emerging markets investments last year include a 20 percent stake in China's Guangdong Development Bank, Latin America's Grupo Financiero Uno and Grupo Cuscatlan.

Citi said the Opus deal, which is subject to approval from Turkey's Capital Markets Board, is expected to close within weeks.

"Turkey's equity market capitalisation has grown sevenfold in the last five years, and the depth of the market has increased commensurately. This acquisition provides a fast and efficient route to position ourselves in the market," said Steve Bideshi, Chairman of Citibank A.S.

Citi plans to change Opus's name to Citi Menkul Degerler A.S.