Turkish bank Yapi Kredi has announced that it is selling its subsidiary in Russia, Yapi Kredi Bank Moscow, to Russia's Expobank LLC for 3.3 billion Russian rubles ($57.1 million).

The agreement was signed Wednesday, according to a statement on Borsa Istanbul's Public Disclosure Platform.

"The share purchase agreement for the sale of 99.84 percent shares owned by our bank in Yapi Kredi Bank Moscow capital and 0.16 percent of shares owned by Yapi Kredi Finansal Kiralama A.O to the total of 3.3 billion Russian rubles at the Expobank LLC was signed on Oct 25., 2017," the statement said.

The transfer of shares will be completed after obtaining the necessary legal permissions.