Citigroup Begins Major Sell Off With US$9bn Divestiture

July 2008 | In The News

The massive re-distribution of corporate assets in the wake of the global credit crunch continues this week, as two US giants announce major divestitures of operations abroad. Crisis-hit giant Citigroup announced on July 11 that it had agreed to sell its German retail banking operations, the centrepiece of their European business, to French bank Crédit Mutuel for €4.9bn (US$7.8bn).The companies 82 year-old retail network is one of the most successful consumer banking operations in the country, and in 2007 earned Citigroup €375mn.

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