Akbank

Citigroup is taking a 20% stake in Akbank, which is a full-service retail, commercial, corporate and private bank in Turkey, with assets of $35.8 billion, loans of $17.7 billion and a deposit base of $22.7 billion.

Citi Makes A Turkey Buy 2006

In an interview Thursday with The Wall Street Journal, Suzan Sabanci Dincer praised the Turkish central bank's unorthodox policy of cutting interest rates and at the same time raising reserve requirements for commercial banks — even though the goal is to squeeze lenders such as Akbank, which saw consumer loans grow 42% last year.

Akbank Chief Backs Turkey's Reserve Requirements Marc Champion 2011

Turkey demanded that one of its biggest commercial banks, Akbank, pay an extra $742 million in reserve requirements, hitting the bank's profits as the government and central bank struggle to control worrying signs of overheating in the economy.

World Watch 2011

The move against Akbank came as official data showed Turkey's current account deficit doubled year-to-year in March to reach a record high equivalent to more than 8% of gross domestic product, hitting stock prices and the Turkish lira as concerns of overheating grew.

Turkey Targets Bank as Economy Boils Joe Parkinson 2011

That hurt, said Suzan Sabanci Dincer , chairwoman of the group's biggest asset Akbank, in an interview with The Wall Street Journal.

Turkey Navigates Path Through Unrest in Mideast, North Africa Marc Champion 2011

ISTANBUL—Turkey demanded Wednesday that one of its biggest commercial banks, Akbank, pay an extra $742 million in reserve requirements, hitting the bank's profits as the government and central bank struggle to control worrying signs of overheating in the economy.

Turkey Targets Bank as Economy Boils Joe Parkinson 2011

Akbank has said it accepts the central bank's policy of boosting reserve requirements, but it was also among the first to complain publicly over a simultaneous decision to stop paying interest on the funds.

Turkey Targets Bank as Economy Boils Joe Parkinson 2011

A spokesman for Akbank said the bank would appeal the court decision.

Turkey Targets Bank as Economy Boils Joe Parkinson 2011

News of the reserve requirement demand drove Akbank shares more than 2% lower, capping a turbulent few days for the lender, which on Friday reported that profits fell 23% in the first quarter.

Turkey Targets Bank as Economy Boils Joe Parkinson 2011

Akbank confirmed on Wednesday that the $742 million penalty followed a court ruling related to a syndicated loan it secured more than two years ago through a unit in Malta, and which had reduced the assets on which Akbank's reserve requirement was calculated.

Turkey Targets Bank as Economy Boils Joe Parkinson 2011