Citigroup has become the latest Wall Street bank to expand its business in Turkey, buying a 20% stake in the country's third-largest bank for $3.1bn (€2.5bn).

The deal for Turkey's Akbank comes six months after the US investment bank lost out in the $5.5bn bidding war for Finansbank, the country's eighth largest bank, to the National Bank of Greece.

Jennifer McCandless in New York

Nick Clark

Citigroup

National Bank of Greece

UniCredit

Credit Suisse

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Citigroup follows rivals into Turkey

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