DOW JONES NEWSWIRES Citigroup Inc. (C) said Friday it sold 404 million common shares in Turkish lender Akbank TAS (AKBNK.IS), representing a 10.1% stake, for 5.24 Turkish lira per share. The U.S. bank said it expects proceeds from the transaction to total $1.15 billion, resulting in an after-tax loss of about $243 million in the second quarter. The deal will also generate about 23 basis points of Tier 1 Common capital under Basel III, it added. Citi also agreed with Akbank parent Sabanci Holding AS (SAHOL.IS) to hold its remaining 9.9% stake in Akbank's common shares for a three-year lock-up period following the sale, while the Turkish banking-to-retailing conglomerate agreed to waive its right of first offer regarding the sale of Citi's 10.1% stake. Citi and Sabanci also agreed to continue their strategic cooperation.