Citi sells Akbank as banks cut FIG holdings

Citi on Thursday launched a T2.4bn ($1.2bn) sale of just over half its 20% stake in Turkey’s Akbank. The sale, first flagged in March, is a response to Basel III capital charges on minority stakes in other financial institutions — the same motivating factor as given by Barclays earlier this week when it disposed of its entire BlackRock stake.