Date:12/07/2008 URL: http://www.thehindu.com/2008/07/12/stories/2008071255661500.htm

Business

Citigroup to sell German unit for $7.7 b

FRANKFURT: U.S. bank Citigroup said on Friday that it agreed to sell its German retail banking operation to France’s Credit Mutuel for $7.7 billion in cash. The deal is expected to result in an estimated after-tax gain of $4 billion to Citigroup upon closing, the company said in a statement.