Garanti Bank has recently announced a share purchase agreement signed with Sovcombank to sell its shares at Commercial Bank Garanti Bank Moscow, its subsidiary in Russia, for $40.4 million.

The announcement published on the Public Disclosure Platform (KAP) indicates that shares representing the 99.94 percent of the share capital of Commercial Bank Garanti Bank-Moscow and the shares representing the 0.06 percent of the share capital owned by Garanti Technology will be sold to Russian-headquartered Sovcombank.

The announcement made by Garanti Bank to the KAP is as follows: "The announcement is being made in connection with the sale of 1729 shares representing the 99.94 percent of the share capital of Commercial Bank ‘Garanti Bank-Moscow' AO, a subsidiary of our bank established in Russia, and the sale of 1 share representing the 0.06 percent of the share capital of the same entity owned by Garanti Bilişim Teknolojisi ve Ticaret Anonim Şirketi (Garanti Technology)."