Citigroup German Arm Pursuers Reduced

Published: 7/7/2010

The German retail banking arm of Citibank, part of the Citigroup financial giant, saw the number of interested German parties drop to one when Commerzbank withdrew from the race.

There is interest from outside Germany still, but within the borders of the country only Deutsche Bank remains an interested party. A couple of other big European players are looking at Citibank in Germany with interest, with a move expected before the end of the month. It continues what has been a turbulent time in the German banking market as a number of organisations have changed hands recently.

With around 3.25 million customers the German Citibank is expecting offers in the region of EUR4 to EUR5 billion, especially as it runs profitably and is one of the leaders in consumer financing, generating handsome returns.