Posted AT 7:36 AM EST on 05/12/08
Citibank sells German arm to French mutual
PARIS — French mutual bank CM-CIC finalized a deal to buy Citibank Germany as part of the U.S. group's drive to sell hundreds of billions of dollars worth of assets after losses piled up from the subprime crisis.
Citigroup Inc., the largest U.S. bank, said on Friday the French bank was paying €5.2-billion ($6.7-billion U.S.) in cash, giving it an after-tax gain of some $4-billion on the disposal.
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