Denizbank A.S. of Turkey was recently acquired by Sberbank, a state controlled bank of Russia late last year. It is now undertaking plans to purchase Citibank Inc's Turkish consumer banking business.
The deal would take over the portfolio of Citibank consisting of 600,000 customers, gross assets amounting to 1.2 billion lira or US $671,1 million, deposits totaling 1.5 billion lira and all twenty two consumer branches located all throughout Turkey.
DenizBank is one of the top ten lenders by assets in Turkey. It said that the acquisition was expected to be completed by the third quarter of 2013. The final purchase price would be determined after a financial results have been examined.
Citi Turkish CEO Sera Akcaoglu said Citi would 'continue to grow its business operatiosn for corporates, financial institutions and commercial banking clients.' In written statement, she assured Citi Turkish clients by saying, "Citi has taken a strategic decision to focus on its corporate and commercial baking businesses in Turkey. With our commitment to the country, we will continue to grow these businesses."
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