London - Citigroup Inc. today announced that it has sold 396 million common shares in Akbank T.A.S. (Akbank) through an equity offering representing its entire 9.9 percent equity interest in the company for TRY7.45 per share. Total proceeds from the transaction are expected to be approximately US$1.15 billion at the current exchange rate, with no material financial impact to Citigroup. Sabanci Holding and Citigroup have expressed their mutual satisfaction at their partnership since 2007.

Citigroup has been in Turkey for 40 years and aims to grow its Turkey Franchise. Citigroup, with an employee base of 500 in Turkey, remains committed to serving its corporate and commercial clients in the country, including medium and large corporations, financial institutions, public entities, and subsidiaries of foreign multinational companies. Citibank A.S. is recognized as the market leader in securities services with more than 45 percent custody market share of equities held by foreign investors and executing almost half of the securities clearing and settlement transactions related with foreign investors in Turkey. Citibank A.S. accounts for more than 15 percent of the total value of payments through the local currency payment system.

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