Citigroup has completed the acquisition of a 20 percent stake in Akbank. Citigroup has acquired a 20 percent equity stake in Akbank for approximately USD3.1 billion, at a price of 9.50 Yeni Kurus (YKr) per share.
Citigroup obtained its shares in Akbank through the purchase of shares equal to approximately 11.67 percent of the fully diluted capital of Akbank from Sabanci family members and Sabanci Holding subsidiaries at 9.50 YKr per share and the issuance of new Akbank shares, equal to 8.33 percent of Akbank’s fully paid up capital, at the same price through a reserved capital increase in favor of Citigroup. The parties’ rights of first refusal or first offer under the agreements become effective at the closing.
In addition, pursuant to the terms of their agreement, Citigroup’s nominee, Sir Winfried Bischoff, has been appointed to Akbank’s Board of Directors, and Ege aglar, Sabanci Holding’s nominee, has been appointed to the Board of Directors of Citigroup’s Turkish banking subsidiary, Citibank A.S.