Citigroup is the favourite to win a bid for Turkish financial group Finansbank, a source familiar with the matter told, Reuters reports.
According to the newswire, Citigroup and the National Bank of Greece are expected to submit rival bids for Turkey’s eighth-largest bank before a March 31 deadline.
Finansbank’s majority shareholder Fiba Holding asked Morgan Stanley in November to seek a possible partnership or sale of shares for the bank.
The Wall Street Journal has said Citigroup is expected to submit a final cash bid for some or all of Finansbank in a deal that could be valued at more than $5 billion.
But the Istanbul-based source told Reuters the figure of more than $5 billion was too high. Discussions were also under way on whether Finansbank’s Dutch and Russian operations should be included in the deal.