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Article: Citi sells German retail banking for $7.7 billion
- Article from:
- AP Online
- Article date:
- July 11, 2008
- Author:
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Citigroup will sell its German retail banking operation to France's Credit Mutuel for $7.7 billion in cash.
In a statement released Friday, Citigroup said the deal includes its Duesseldorf-based Citibank Privatkunden AG & Co. KGaA, along with some affiliates. The sale is expected to close in the fourth quarter if approved by regulators.
Citibank Germany earned 365 million euros ($573.3 million) in 2007 and had net assets of 944 million euros ($1.5 billion). Citigroup said the deal would result in a post-tax gain of $4 billion.
Credit Mutuel said the deal "affirms its European development strategy, particularly in retail banking, insurance and international ...