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Citigroup said bidding for Turkish bank

Citigroup Inc. is expected to make a bid for Turkey's Finansbank on Tuesday, according to a published report.
/ Source: The Associated Press

Citigroup Inc. is expected to make a bid for Turkey's Finansbank on Tuesday, according to a published report.

The American financial conglomerate could offer more than $5 billion in cash for Finansbank, Turkey's eighth-largest bank by assets, according to The Wall Street Journal, which cited unnamed sources.

Finansbank is the subject of an auction run by Morgan Stanley. The only other bidder left is National Bank of Greece. It is expected to submit its bid Tuesday along with Citigroup, the newspaper said.

Citigroup's last major bank deal was the 2004 acquisition of South Korea's KorAm Bank.