Citigroup Inc Continues To Lighten Assets With Sale of Akbank Stake22percent
Citigroup has been busy over the past several months, as CEO Michael Corbat continues to lighten minority stakes. Just days ago, Citigroup officially confirmed the deal to send OneMain Financial to Springleaf for $4.25 billion, help cutting Citigroup’s exposure to the subprime consumer lending business. Today, Citigroup announced that it would be ending its investment in Turkish bank, Akbank TAS. Akbank is the second largest bank in Turkey, and makes up a significant part of Turkish stock index, giving investors anxiety over continued downward pressure on Turkish stocks . . .
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