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Citibank Completes Sale of its Turkish Retail Banking Business
- Client News
- July 1, 2013
Practices
Paul, Weiss client Citigroup Inc. and its Turkish subsidiary Citibank A.Ş. closed the sale of Citi's retail banking business in Turkey to DenizBank A.Ş, a member of the Sberbank group. Under the agreement, DenizBank A.Ş. will take over a portfolio consisting of more than 600,000 customers, 1.2 billion TL (over $620 million) in credit and receivables and a retail banking portfolio of approximately 1.6 billion TL (over $825 million). Citibank A.Ş. will continue to operate its corporate banking business in Turkey.
The Paul, Weiss team advising Citi on the transaction includes corporate partner David Lakhdhir and counsel Patrick Scott; tax partner Jeffrey Samuels; and intellectual property counsel Claudine Meredith-Goujon.