Citigroup is paying $3.1 billion for a 20% stake in Akbank, the country’s largest privately owned bank, just months after losing the battle to buy Finansbank. National Bank of Greece was the victor in that sale.
Citigroup is buying most of the stake from Sabanci Holdings, which owns 34% of the bank. Citigroup has a right of first refusal on the remainder of the stake if the family wishes to sell.
Akbank had appointed UBS to advise it on finding a strategic partner earlier this year. Apart from the Sabanci stake, 33% is listed and the remainder is owned by the Sabanci family directly.