Citi close to selling German unit

The FT reports:

Citigroup is close to agreeing a sale of its German retail banking operations to Credit Mutuel for between €3bn and €5bn, after the French bank outbid Deutsche Bank in a close race, according to bankers close to the companies.

The deal has not yet been finalised and could still collapse but if negotiations are successful the sale of the business, which has 3.3m customers and 340 branches, could be announced in the next few days.

Citi in deal with Credit Mutuel on German unit

That will be much needed cash in Citigroup’s coffers. They will need it to cover their fresh writedowns.

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