OREANDA-NEWS. April 15, 2013. DenizBank as part of the Sberbank group and Citibank A.S. (Citi) signed an agreement in which DenizBank will purchase Citi’s consumer banking business (including certain banking activities and assets, the stock purchase is not implied).

The transaction, subject to customary and regulatory approvals, is expected to close in the third quarter of 2013.

Under the agreement, DenizBank will take over a portfolio consisting of over 600,000 customers, over TL 1.2 Billion (over USD 650 Million) in gross assets, over TL 1.5 Billion in deposits (over USD 800 Million), as of December 31, 2012, as well as, 22 consumer branches in Turkey and about 1,700 Citi consumer banking employees. 

In September 2012, Sberbank completed the acquisition of DenizBank AS which is ranked 5th among private and 9th among all Turkish banks by consolidated total assets.