Citi Sells German Banking Arm To French Financial Group

Published July 14, 2008, 1:00 a.m. EDT

|

Updated July 14, 2008, 12:00 a.m. EDT

1 Min Read

IMGCAP(1)]

Processing Content

France-based bank Credit Mutuel will buy Citigroup Inc.'s retail operations in Germany in a deal that includes part of Citi's card business, a spokesperson for the United States-based financial institution tells CardLine Global. Citi has signed an agreement to sell Citibank Privatkunden AG & Co. KgaA, and some of its affiliates, to the French bank for 4.9 billion euros (US$7.7 billion). The deal should close in the fourth quarter, Citi says. Citi expects to experience a US$4 billion after-tax gain from the deal. The bank was unable provide details about its German card operations.

For reprint and licensing requests for this article, click here.

MORE FROM AMERICAN BANKER

Nonbank

Treasury meets with life insurers to discuss private credit

The Treasury Department held a high-stakes huddle with state insurance officials to discuss risks associated with the rapid growth of private credit in the economy and whether those investments could pose systemic vulnerabilities.

By Kate Berry
Reporter

6h ago
Artificial intelligence

US Bank, CoBank, Rocket share AI use cases at AWS event

The lenders' examples of using generative artificial intelligence were more practical than transformational, but in any case data challenges represent a common problem.

By Penny Crosman
Executive Editor, Technology at Arizent

11h ago
Regulation and compliance

Exclusive: Warren says OCC rule limits oversight to 5 banks

Sen. Elizabeth Warren, D-Mass., the ranking member of the Senate Banking Committee, warned in a letter to the Office of the Comptroller of the Currency Thursday that its proposed rollback leaves regional banks dangerously unsupervised.

By Claire Williams
Reporter

May 7
Interchange fees

Colorado house passes interchange ban on local taxes

The measure, sent Thursday to the governor's desk, would mark the second state ban on interchange fees and could inform an ongoing bank-led legal challenge to a similar Illinois law.

By Ebrima Santos Sanneh
Reporter

May 7
Fraud

Bankruptcy filing ties Tieks CEO to Aspiration scheme

An April 20 bankruptcy filing accuses Kfir Gavrieli of recruiting friends, family and his synagogue to sign sham contracts that inflated Aspiration's revenue.

By Carter Pape
Technology Reporter

May 7
Payments

Exclusive research What risks do banks, credit unions face from BNPL?

Research from American Banker shows that at least a quarter of all respondents see BNPL as a credible threat to credit card revenue.

By Frank Gargano
Data Reporter

May 7

Load More