ISTANBUL, Feb 13 (Reuters) - Four local banks have been shortlisted in the sale of Citigroup’s retail banking business in Turkey and the deal is expected to close in late March or April, banking sources told Reuters on Wednesday.
Turkey’s Garanti Bank, Fibabanka, Denizbank and Odeabank, the Turkish unit of Lebanon’s Audi Bank , were on the shortlist, two of the sources said.
Citigroup, the third-biggest U.S. bank, said early in December it would cut 11,000 jobs worldwide to save as much as $1.1 billion a year in costs and that the plan included selling or cutting back its consumer operations in Turkey.
Citi and Denizbank declined to comment. Odeabank and Garanti Bank were not immediately available to comment. (Additional reporting by Dinesh Nair and Seda Sezer; Writing by Seda Sezer and Seltem Iyigun; Editing by Nick Tattersall)