Citigroup winding up brokerage in Turkey

Citigroup winding up brokerage in Turkey
By Akin Nazli in Belgrade June 8, 2021

Citigroup has decided to shut down its brokerage house in Turkey, namely Citi Menkul Degerler, BloombergHT reported on June 7.

The US-based financial services group has opted to instead serve the customers of Citi Menkul via its London unit. Its banking unit in Turkey, Citibank A.S., will, however, continue to operate.

Citibank Turkey launched in 1981. It is the 27th largest bank among the 48 lenders in Turkey, with total assets of Turkish lira (TRY) 19bn ($2.21bn), amounting to 0.3% of the TRY6 trillion of banking assets in the country as of at end-March.

In February last year, Reuters quoted an unnamed source as saying that Citigroup had transferred at least two foreign exchange and rates traders to London.

As of May 17, Citi Menkul was the fourth largest net seller on the Borsa Istanbul with TRY1.6bn in 2021 net sales.

In July 2020, Deutsche Bank’s local brokerage unit Deutsche Securities Menkul Degerler ceased operations in Turkey.

In August 2020, Bloomberg reported that Citigroup Inc and Fidelity International were considering Turkey separately from the rest of the EM asset class.