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Our office in London focuses on core corporate practice areas, adapted to the cross-border context: mergers and acquisitions, capital markets transactions and financing transactions. Our London office handles private equity acquisitions and disposals, acquisition financing, high yield bond offerings, IPOs and other equity and debt capital markets transactions, and strategic, multi-jurisdictional M&A transactions and financings for our corporate clients.

Citibank Completes Sale of its Turkish Retail Banking Business

Paul, Weiss client Citigroup Inc. and its Turkish subsidiary Citibank A.Ş. closed the sale of Citi's retail banking business in Turkey to DenizBank A.Ş, a member of the Sberbank group. Under the agreement, DenizBank A.Ş. will take over a portfolio consisting of more than 600,000 customers, 1.2 billion TL (over $620 million) in credit and receivables and a retail banking portfolio of approximately 1.6 billion TL (over $825 million). Citibank A.Ş. will continue to operate its corporate banking business in Turkey.

The Paul, Weiss team advising Citi on the transaction includes corporate partner David Lakhdhir and counsel Patrick Scott; tax partner Jeffrey Samuels; and intellectual property counsel Claudine Meredith-Goujon.

July 1, 2013

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