DenizBank To Buy Citi Turkey's Consumer Banking Unit

Law360, New York (April 11, 2013, 1:39 PM EDT) -- Turkish lender DenizBank has agreed to purchase the consumer banking operations of Citigroup Inc.'s subsidiary in Turkey, a portfolio that includes more than $800 million in deposits, the companies said Thursday.

DenizBank agreed to buy the portfolio, made up of more than 600,000 Turkish customers, from Citibank AS. The acquisition will make DenizBank the fifth-largest private bank in Turkey by consolidated assets.

The deal is expected to close in the third quarter of 2013. DenizBank CEO Hakan Ates said in a statement that Citi Turkey retail...
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