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Citigroup Completes Sale of Equity Interest in Akbank T.A.S.
Practices
Paul, Weiss advised Citigroup in connection with its sale, through an equity offering, of 404 million shares of Akbank T.A.S., a Turkey-based private bank, for estimated aggregate proceeds of $1.15 billion. The sale reduced Citigroup's strategic stake in Akbank to 9.9 percent, generating approximately 23 basis points of Tier 1 capital under the Basel III capital rules. The offering was completed May 25. Citigroup also entered into an amendment of its existing shareholders agreement with H.O. Sabanci Holding A.S., the controlling shareholder of Akbank, governing the terms of their continuing relationship following the sale.
The Paul, Weiss team representing Citigroup includes corporate partners Mark S. Bergman and David K. Lakhdhir and counsel Patrick C. Scott.