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Citi Sells Shares in Akbank
Citigroup Inc., which indirectly owns 20% of outstanding shares of Akbank, has sold its shares on 30 May 2012 in line with its ongoing capital planning in preparation for the implementation of Basel III regulatory requirements.
The shares corresponding to approximately 10.1% of the share capital of Akbank (or approximately 404 million share lots) were sold to international investors through an "Accelerated Equity Offer" lead managed by Citigroup Global Markets Limited. The deal was oversubscribed by 1.6 times generating a USD 2 billion in demand. Citibank Overseas Investment Corporation continue to directly hold around 10% outstanding shares in Akbank.
Paksoy is pleased to announce that Mr. Omer Collak (partner) and Mr. Erkan Tercan (senior associate) advised Citigroup Global Markets Limited in this landmark transaction.
For more information please visit www.paksoy.av.tr