An agreement has been reached on the German consumer banking arm of Citibank, with the operation being sold to Credit Mutuel of France.
The deal will see the cash reserves of Citibank around GBP3.9 billion richer and help the bank on its way to the larger target of selling around GBP200 billion worth of assets over the coming three years. The bank was badly hit by the sub prime mortgage collapse in the United States and is now working to realign the business.
As well as selling assets Citibank is also looking to shed over 16,000 jobs in the same three year period. This is again to re-structure the organisation and will go hand in hand with the selling of businesses such as their German banking operation.
The Alliance and Leicester is giving a GBP100 incentive to customers going online and switching to their Premier Current Account from a competitor.
New customers who have moved from a different bank to the Alliance and Leicester will also receive free European travel insurance, an agreed overdraft for the first 12 months with no set up cost and a PlusSaver account that is linked to the current account, paying interest at 5.25 percent AER.
The idea behind the promotion by the Alliance and Leicester is to show consumers how moving bank accounts can work in their favour. With a seamless move across customers will find the whole process quick, easy and profitable.
A new study carried out by Saga Insurance has found that those over 50 years of age do not like to discuss money unless they really have to, unlike younger people who are much more at ease with it.
However there are some things that no-one is particularly comfortable discussing, no matter what their age. The Saga Insurance study revealed that discussions regarding earnings and salary figures are disliked by all categories, with respondents saying they would try and get out of such a discussion if they could.
On the subject of discussing finances generally, around half of those involved in the study told Saga Insurance that it was not an appropriate subject to discuss, whilst almost ten percent of people said they would be embarrassed to discuss their personal finance situation with anyone.