Akbank mandates banks to renew $1.2 bln syndicated loan

ISTANBUL

Turkish lender Akbank has mandated a consortium of international banks to renew its syndicated loan amounting to a total of $1.2 billion, it said March 13 in a written statement to the Public Disclosure Platform.

Citigroup announced earlier in March that it had sold its nearly 10 percent stake in Akbank for $1.2 billion, its latest disposal of overseas assets to cut costs and boost capital.

Citi, which had been the second-largest shareholder in Akbank, said the sale would not have a material impact on its finances.

Akbank is Turkey’s fourth-largest listed lender by assets. The U.S. bank did not disclose the buyer. Akbank’s top shareholder, industrial conglomerate Sabancı Group, said it had waived its right of refusal to the stake, adding that Citi’s offer had been to a “large number” of potential buyers, according to Reuters.