NEW YORK - Global banking titan Citigroup said Tuesday it was taking a 20 percent stake in Turkey's Akbank for about 3.1 billion dollars.
The privately owned Akbank is Turkey's third-largest bank by assets and its most profitable lender, the two companies said in a joint statement.
They said that Citibank had won the right of first refusal to buy any more shares in Akbank that might be sold by its main stockholder, Sabanci Holding, one of Turkey's largest conglomerates.
Citigroup chairman and chief executive Charles Prince said Akbank was "an ideal partner" for the US giant.
"It is a premier institution in the fast-growing and dynamic Turkish market, led by a highly skilled management team that has achieved a superior record of performance," he said.
With growth in the US market sluggish, Citigroup has been seeking overseas investments to consolidate its position as the world's biggest bank.
10/17/2006 16:13 GMT