By Andrei Skvarsky.
DenizBank, a Turkish operation of Russia’s biggest lender Sberbank, has clinched a deal to buy Citibank’s retail business in Turkey.
DenizBank is taking over a network which, as of December 31, had gross assets and deposits that totalled 1.2bn Turkish lira (more than $650m) and 1.5bn lira (over $800m) respectively, more than 600,000 customers and about 1,700 employees working in its 22 branches.
The transaction is expected to be closed in the third quarter of 2013, Sberbank said in a statement.
DenizBank, acquired by Sberbank in September 2012, ranks fifth among private and ninth among all Turkish banks by consolidated assets.
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