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Investors would do well to wait for the extreme volatility in the market to settle down before jumping to investment decisions.

Citigroup sells stake in Turkey's Akbank for $1.2 billion

Mar 05, 2015    

ISTANBUL (Reuters) - Citigroup has sold its nearly 10 percent stake in Turkey's Akbank for $1.2 billion, the U.S. lender said on Thursday, its latest disposal of overseas assets to cut costs and boost capital.New York-based Citi has pared back internationally in recent years, pulling out of retail banking in Turkey and in long-established markets such as Japan.Citi, which had been the second-largest shareholder in Akbank, said the sale would not have a material impact on its finances. Akbank is Turkey's fourth-largest listed lender by assets.The U.S. bank did not disclose the buyer. Akbank's t...

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