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Citigroup to Sell German Banking Unit for $7.7 billion
July 11, 2008
To get some positive cash flow, Citigroup sells its retailing banking operation in Germany to France's Credit Mutuel.
Citigroup said Friday that it will sell its German retail banking operation to France's Credit Mutuel for $7.7 billion in cash. The sale is expected to close in the fourth quarter, pending regulatory approval.
In a press release, Citigroup said the deal includes its Duesseldorf, Germany-based Citibank Privatkunden AG & Co. KGaA, along with affiliates of the Citibank Germany division.
After taxes, Citigroup said that the deal would net the company $4 billion. Last year, Citibank Germany earned $573.3 million in profits and counted assets of around $1.5 billion.
Credit Mutuel is France's second largest retail bank with nearly 15 million customers and more than 5,000 branches, according to the bank's Web site. In 2007, it earned $4.3 billion on revenues of $16.6 billion.
In a press release, Citigroup said the deal includes its Duesseldorf, Germany-based Citibank Privatkunden AG & Co. KGaA, along with affiliates of the Citibank Germany division.
After taxes, Citigroup said that the deal would net the company $4 billion. Last year, Citibank Germany earned $573.3 million in profits and counted assets of around $1.5 billion.
Credit Mutuel is France's second largest retail bank with nearly 15 million customers and more than 5,000 branches, according to the bank's Web site. In 2007, it earned $4.3 billion on revenues of $16.6 billion.
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