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Citigroup Inc Completes Sale Of 10.1% Equity Interest In Akbank T.A.S


Friday, 25 May 2012 02:02am EDT 

Citigroup Inc announced that it has sold 404 million common shares in Akbank T.A.S. (Akbank) through an equity offering representing 10.1% of the equity interest in the Company for TRY5.24 per share. Total proceeds from the transaction are expected to be approximately USD1.15 billion at the current exchange rate, resulting in an after-tax loss of approximately USD243 million in the second quarter. On April 30, 2012, Citi entered into an agreement with H.Ö. Sabancı Holding A.Ş. (Sabancı Holding) and Akbank under which Citi committed to hold the balance of its strategic stake in Akbank, approximately 9.9% of Akbank common shares, for a three year lock-up period following such sale, subject to limited exceptions, and Sabancı Holding agreed to waive its right of first offer in relation to the sale of Citi’s 10.1% stake. In addition, Sabancı Holding and Citigroup have expressed their mutual intention to continue their ongoing partnership and strategic cooperation. 

Company Quote

48.22
0.04 +0.08%
17 Apr 2014