Star – Denizbank, Turkish unit of Russia’s state-controlled Sberbank has acquired Citibank’s consumer banking business in Turkey. Subject to regulatory approvals, the take-over will be complete by the third quarter, according to a statement by Denizbank which said that the final transaction total would be determined after the financial results are revealed.
Under the terms of the agreement, Citibank’s 600,000 + customers, assets worth TRY 1.2 billion (Approx. USD 650) million, and TRY 1.5 billion (approx. USD 800 million) of deposits will be taken over by Denizbank.
Russia’s largest lender entered the Turkish banking market late last year, with the acquisition of Denizbank from its then owner Dexia, becoming Turkey’s one of the top 10 lenders by assets.