OREANDA-NEWS. July 03, 2013. Denizbank, as part of the Sberbank group, Russia’s largest banking institution headquartered in Russia, has successfully completed the acquisition of the retail banking division of Citibank in Turkey, first announced in April 2013.

Under the agreement, DenizBank will take over a portfolio consisting of more than 600 thousand customers, 1.2 bln TL (over USD620 mln) in credit and receivables and a retail banking portfolio amounting to 1.6 billion TL (over USD 825 mln) (as at June 2013). These assets, together with employees and branches, have been transferred to DenizBank as at 1 July 2013. Following the acquisition Denizbank now has 667 branches, with 32 transferred from Citi alongside approximately 1,400 Citi 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.