Citigroup Completes Sale of 9.9% Equity Interest in Akbank T.A.S.

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION DIRECTLY OR INDIRECTLY IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA, JAPAN OR SOUTH AFRICA.

LONDON--(BUSINESS WIRE)-- Citigroup Inc. today announced that it has sold 396 million common shares in Akbank T.A.S. (Akbank) through an equity offering representing its entire 9.9% equity interest in the company for TRY7.45 per share. Total proceeds from the transaction are expected to be approximately USD1.15 billion at the current exchange rate, with no material financial impact to Citigroup.

Sabancı Holding and Citigroup have expressed their mutual satisfaction at their partnership since 2007.

Citigroup has been in Turkey for 40 years and aims to grow its Turkey Franchise. Citigroup, with an employee base of 500 in Turkey, remains committed to serving its corporate and commercial clients in the country, including medium and large corporations, financial institutions, public entities, and subsidiaries of foreign multinational companies. Citibank A.S. is recognized as the market leader in securities services having more than 45 percent custody market share of equities held by foreign investors and executing almost half of the securities clearing and settlement transactions related with foreign investors in Turkey. Citibank A.S. accounts for more than 15 percent of the total value of payments through the local currency payment system.

Citi

Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.

Additional information may be found at www.citigroup.com | Twitter: @Citi | YouTube: www.youtube.com/citi | Blog: http://new.citi.com | Facebook: www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi

Certain statements in this release, including the estimated financial and capital impacts to Citi as a result of its sale of 9.9 percent of Akbank shares, are “forward-looking statements” within the meaning of the rules and regulations of the U.S. Securities and Exchange Commission. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. Actual results and capital and other financial condition may differ materially from those included in these statements due to a variety of factors, including but not limited to the completion of the final analysis of the financial, accounting and capital impact on Citi as a result of the sale. More information about these factors and other factors that may affect Citigroup's future results is contained in Citigroup's filings with the U.S. Securities and Exchange Commission, including without limitation the “Risk Factors” section of Citigroup’s 2011 Annual Report on Form 10-K. Precautionary statements included in such filings should be read in conjunction with this document.

This release is not for distribution, directly or indirectly, in or into the United States. It does not constitute or form a part of any offer or solicitation to purchase or subscribe for securities in the United States. Any securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”) or under the securities laws of any state or jurisdiction of the United States, and may not be offered or sold in the United States absent registration or an exemption from registration under the Securities Act and in compliance with any applicable securities laws of any state or other jurisdiction of the United States. There is no intention to register any securities referred to herein in the United States or to make a public offering of the securities in the United States.

Citi Media Contacts:
London:
Jeff French, +44 (0) 20 7500 8304
[email protected]
or
Istanbul:
Nevnihal Ciftci, +90 (212) 319 4430
[email protected]

Source: Citi

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