Citi has entered into a “definitive agreement”
to sell Citibank Belgium – its Belgian consumer franchise – to
French bank Crédit Mutuel Nord Europe (CMNE).
The amount of the transaction has not been
disclosed yet and the deal is subject to customary conditions as
well as regulatory approval.
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The Citibank Belgium sale to CMNE demonstrates
Citi’s attempt to reduce the assets and businesses within Citi
Holdings in an “economically rational manner”, according to the
bank. Citi has reduced assets within Citi Holdings by more than
$582bn since the first quarter of 2008.
Citi’s entire consumer franchise in Belgium
currently includes more than 700 employees, 198 points of sale,
over 500,000 customers and total assets of $4.1bn as of September
2011.
The Citibank Belgium sale is expected to close
in Q2 2012.
Being the largest lender in the north of
France, CMNE has 300 branches and over 4,000 employees.
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By GlobalDataCiti will continue to serve its corporate and
institutional clients in Belgium, the lender has confirmed.
