Citigroup to Close Turkish Brokerage After Strategic Review

Citigroup Inc. is closing its brokerage unit in Turkey and will handle client trades tied to the country from London.

The move, which will affect a small number of staff, doesn’t reflect a shift away from the region, the bank said.

“As part of a regular review of our business strategy, the decision was taken to manage Turkish equity trading activities from Citi’s regional hub in London,” the company said in a statement.

The lender will maintain a presence in Turkey, where it has been active for more than 45 years, through local banking unit Citibank AS.

Citi has been offering equities services in Turkey since 2007 through the brokerage unit, known as Citi Menkul Degerler AS in Turkish. The unit had 13 employees as of the end of 2020, according to its website. Its share in the Borsa Istanbul equity market was 0.44% in 2020, and 0.18% in the derivatives market.

Citi Menkul Degerler’s 2020 annual loss more than doubled to 1.5 million liras ($173,806) in 2020.

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