By Chelsey Dulaney
Citigroup Inc. said Thursday that it has sold its 9.9% stake in
Turkey's Akbank T.A.S. for about $1.2 billion, the latest move by
the big U.S. bank to ratchet back its international operations.
Citigroup said it doesn't expect the sale to have a material
impact on its finances.
Perhaps the most internationally focused of the big U.S. banks,
Citigroup has nonetheless exited a raft of markets lately as part
of its global efforts to streamline its operations.
In October, Citigroup said it would exit consumer operations in
11 countries, including El Salvador and Guatemala, though the bank
will continue to serve institutional clients in the markets.
The move is part of an agenda laid out by Chief Executive
Michael Corbat to focus on wealthier customers in fast-growing
countries, and to make the bank more manageable and less risky in
the eyes of regulators.
Citigroup said Thursday that it is still committed to growing
its business in Turkey, where it employs about 500 people.
Write to Chelsey Dulaney at Chelsey.Dulaney@wsj.com
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