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Article: Citi to sell its German retail banking ops to France's Credit Mutuel in euro4.9B deal
- Article from:
- AP Worldstream
- Article date:
- July 11, 2008
- Author:
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Banking giant Citigroup says it will sell its German retail banking operation and some of its affiliates to France's Credit Mutuel, in a euro4.9 billion (US$7.7 billion) cash deal.
In a statement released Friday, Citigroup said the deal includes its Duesseldorf-based Citibank Privatkunden AG & Co. KGaA, along with some affiliates. The deal is expected to close in the fourth quarter provided regulatory approvals are granted.
Citibank Germany earned euro365 million (US$573.3 million) in 2007 and had net assets of euro944 million (US$1.5 billion). Citigroup said the deal would result in a post-tax gain of US$4 billion (euro2.5 billion) when it closes.
Credit Mutuel ...