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 As you probably figured, Citigroup Inc. (NYSE:C) won't be paying back that $45 billion bailout anytime soon. Citi chairman Richard Parsons said that the bank has no timetable to repay the Treasury Asset Relief Program funds. "I do worry we could be competitively disadvantaged if we aren't able to find a way to quickly repay TARP," said Parsons to Reuters. And if you didn't catch it last week, Citigroup's Vikram Pandit -- who's job has been the center of much debate due to the Federal Deposit Insurance Corp. chief Sheila Bair's recent push for a shakeup at Citi -- did an interview with CNBC's Maria Bartiromo for BusinessWeek. In the interview, Pandit says Citigroup is successfully trimming down into a "plain-vanilla bank." "We're a much smaller Citigroup. More important, we want to be Citicorp, not Citigroup, going forward. Citicorp is our global bank for consumers and businesses. At the same time, we've also decided there are some businesses we need to sell. We closed one of them, the Morgan Stanley Smith Barney joint venture. And we're methodically selling and rationalizing what we call Citi Holdings." Pandit says the balance sheet of the bank has shrunk from $2.4 trillion to less than $1.8 trillion right now. So just how close is Citigroup to reaching its goal of being a plain-vanilla bank? Well, closer, but there's still a long way to go. Most of Pandit's strategy in "slimming down" Citi is selling off assets, which in the current economic conditions is rough due to lack of financing and bidders with cash on hand. Citigroup has been slimming down for over a year now. Here are the deals that the bank has done since April 2008, according to The Deal Pipeline:
Citigroup to sell 94% stake in Bellsystem 24: Bidders could include Permira and Bain Capital. The deal could be worth $1.5 billion to $2 billion, according to Reuters. Citigroup to sell Nikko Asset Management: Bidders for the second round could include Nomura, T&D Holdings, Sumitomo Mitsui Financial Group Inc., Sumitomo Trust & Banking Co. and Mizuho Financial Group Inc. The deal could top $1 billion, according to Reuters. CitiFinancial consumer finance: CitiFinancial has reduced its asset book by one-third and its branch network by a quarter, Citi CEO for South Asia Mark T. Robinson told The Business Standard. The bank restructured its private-label credit card business, along with consumer finance units, for divesting. Primerica Financial Services: Bidders for the unit could include JC Flowers & Co. LLC, Blackstone Group LP and TPG Capital, according to The Deal Pipeline. Monex Group: Citigroup plans to sell its 26% stake in Japanese online broker Monex Group Inc. The stake may ring in at $144 million. Mitsubishi UFJ Financial Group, Mizuho Financial Group and Sumitomo Mitsui Financial Group may be interested in the stake, an analyst told Reuters. For the full list of Citigroup assets on the block, check out The Deal Pipeline. - Maria Woehr Also see: Morgan Stanley, Citi JV slowed by IT Citi's Pandit to be purged? Bair's defeat and Beltway politics Citi hires M&A chief in Von Moltke
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