Akbank Drops for 6th Day in Istanbul on Citigroup Disposal

Akbank TAS (AKBNK), the Turkish bank part- owned by Citigroup Inc. (C), dropped for a sixth day after the U.S. lender reduced its stake by more than half last week.

The shares dropped 2.2 percent to 5.32 liras at the close in Istanbul, the lowest since July 2009.

Citigroup sold 404 million shares in Akbank, or a 10.1 percent stake, for 5.24 liras each, it said in a statement last week. Citigroup will retain its remaining 9.9 percent stake in Akbank for three years.

To contact the reporter on this story: Benjamin Harvey in Istanbul at bharvey11@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net