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Citi goes hot Turkey

Citi goes hot Turkey

(29 March 2006 – Europe) Citigroup is reportedly in pole position to acquire Turkey’s Finansbank from under the noses of rival Bank of Greece. Finansbank is Turkey’s fifth largest bank with a market value in the region of US$5 billion. Fiba Holdings has a majority stake in the bank.

Fiba asked Morgan Stanley to find a potential suitor late last year with Citigroup and Bank of Greece coming to the table.

Sources close to the deal said the Greek bank had possibly been used to raise the stakes but expected it to put in a bid next week.
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