Citibank sells half of its Akbank shares
US giant Citigroup has sold half of its Akbank shares on the stock market to raise capital.
Citi which paid $ 3.1 billion in 2006 for 20% of the bank settled for USD 1.15 biilion for 10.1 percent share sales yesterday with a loss of 36.2 percent per share.
The company which has often signalled that it would not leave Turkey has preferred to sell its assets with highest liquidity to cover the need for capital increase in compliance with new banking rules introduced.
25.05.2012
SOURCE: WEB
