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Citigroup sells up to Ft 38.7 bln of OTP Bank shares

Citigroup Inc. is selling shares worth as much as Ft 38.7 bln ($200 mln) in OTP Bank Nyrt, according to traders involved in the transaction.

The US bank is selling 4.5 million shares for between Ft 8500 to Ft 8600 each, said the traders who declined to be identified. Citigroup is selling the shares on behalf of an institutional investor, the traders said. Ian Villiers, a London-based spokesman for Citigroup, confirmed the sale without elaborating on the size and price of the placement. Shares of the Hungary's largest lender fell 2.1% to Ft 8660 as of 3:04 p.m. in Budapest. (Bloomberg)