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May. 25, 2012, 5:13 AMCitigroup (C) sells a 10.1% stake in Turkey's Akbank (AKBTY.PK) for $1.15B as part of the U.S. bank's program to sell assets in order to meet Tier 1 capital requirements. Citigroup will hold a remaining 9.9% stake for 3 years. The bank will take a post-tax $243M loss on the sale, having bought the 20% holding in 2007 for $3.1B. (PR) | Comment!
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AKBTY vs. ETF Alternatives
Akbank Turk Anonim Sirketi is engaged in retail banking, corporate banking, lending, foreign trade and international relations, treasury and investment banking through 633 branches. Other divisions provide administrative and technical support for bank operations. Retail banking activities... More
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