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We heard rumors back in April that Citigroup Inc. may sell its German retail operations unit, Citibank Deutschland. Apparently Germany's Deutsche Bank AG and France's Credit Mutuel are the last bidders duking it out, Reuters is reporting. A decision on the sale is expected within the next two weeks, according to the report.
The sale is apparently all part of Citigroup's plan to restructure in
order to raise more capital. As part of the plan, Citi reportedly has also put its India-based subsidiaries on the block.
Ladenburg Thalmann & Co. analyst Richard Bove told us in April that Citigroup had put a massive effort into building up its business in Germany, but it had not been producing the profits the bank had expected. He added that Citibank Deutschland would be a "natural" fit for Deutsche Bank -- and based on the recent Reuters report, the executives in Frankfurt agree. - Maria Woehr Bove interview: Citigroup may sell to Deutsche Bank Citi no longer can afford to own Indian back-office services Categories Deal Video
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