BRUSSELS — Citigroup is selling its Belgian consumer operations unit to French lender Credit Mutuel Nord Europe for an undisclosed price, a spokesman for Citigroup's local units said Wednesday.
"I can confirm that we signed an agreement today," the spokesman said.
Citi, which has had a presence in Belgium since 1919, has more than 500,000 clients here and around 750 employees. The bulk of them providing consumer services, including credit card and other consumer loans.
The Belgian unit has around a 17% market share in consumer loans and a 10% Belgian market share in its credit card business.
The spokesman said the company will keep around 40 employees for the unit's corporate and investment business and its global transactions business.
He also said Credit Mutuel Nord Europe plans to manage the consumer loans firm as a separate business alongside its Belgian unit BKCP Banque.
A spokeswoman for Credit Mutual Nord Europe made no immediate comment but said the bank would send out a press release later Wednesday.
Citigroup's spokesman said its consumer business will continue to use the Citigroup brand until a new name has been decided.
There had been speculation about a sale of the Belgian unit for some months in local media and the spokesman said it had been planned for the past couple of years.