By Andrei Skvarsky.
Denizbank, the Turkish subsidiary of Russia’s biggest lender Sberbank, has completed the acquisition of Citibank’s consumer banking business in Turkey.
Under an agreement effective from July 1 and first announced in April, Denizbank, which is one of Turkey’s largest banks, is taking over a clientele of more than 600,000, assets of 1.2bn Turkish lira ($620m) and a retail portfolio of 1.6bn lira ($825m), Sberbank said in a statement.
With the addition of Citi’s 32 branches employing 1,400 people, the deal boosts Denizbank’s number of branches in Turkey to 667.
Sberbank completed the acquisition of Denizbank in September 2012.
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