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Citi strikes deal to sell Citibank Belgium to CMNE

Citibank Belgium is to be taken over by Credit Mutuel Nord Europe.

30 December 2011

Merger and acquisition advisors may have been on hand to steer negotiations between Citi and Credit Mutuel Nord Europe (CMNE) recently, as a deal made between the two companies has been announced.

Citi has agreed to sell Citibank Belgium to CMNE in a transaction that is expected to close in the second quarter of next year, pending regulatory approval.

The value of the deal was not made available, but CMNE will be acquiring a unit with half a million customers, 700 members of personnel, 198 points of sale, 500,000 customers and assets valued at $4.1 billion (£2.6 billion).

Citi said the agreement shows its "success in reducing the assets and businesses within Citi Holdings in an economically rational manner while working to generate long-term profitability and growth from the core businesses within Citicorp".

As of 16:00 local time in New York on December 29th, shares in Citi had added 2.4 per cent.

Posted by Ken Hayes

Source: Citi press release, December 27th

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