Citigroup has started a sale process for its consumer banking operations in Turkey and has held talks on a possible deal, a person familiar with the matter said.
Citigroup said earlier on Wednesday it was cutting 11,000 jobs worldwide to save as much as $1.1 billion a year in costs, and that plan would include selling or significantly scaling back its consumer operations in Turkey.
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Citi has more than 2,000 staff in Turkey, where it operated its first branch in 1981. It launched its consumer banking business there in 1996 and in 2006 bought a 20 percent stake in Akbank, the country's largest privately owned bank, but sold half that stake in May.
(Reporting by Steve Slater; Editing by Greg Mahlich)