As part of the agreement, Citigroup’s nominee, Sir Winfried Bischoff, has been appointed to Akbank’s board of directors, and Ege Caglar, Sabanci Holding’s nominee, has been appointed to the board of directors of Citigroup’s Turkish banking subsidiary, Citibank AS.
The acquisition represents a strategic collaboration between both companies, to pursue new commercial activities and referral arrangements, and to share expertise and technology. Citigroup’s innovative features, including advanced credit risk management practices and management training programs, are expected to strengthen Akbank’s performance and accelerate its growth in its retail, corporate and investment banking business lines.
Akbank currently has 675 established branches and 1,617 ATMs. It holds assets of $39.6 billion and loans worth $19.6 billion, along with a deposit base of $25 billion.
