Credit Mutuel of France bids for Citigroup

France News.Net
Saturday 5th July, 2008

Credit Mutuel of France has bid for the German retail banking activities of US giant Citigroup.

The sale of the unit, valued by analysts at between three and five billion euros, should be completed by the end of July.

Credit Mutuel's chief competitor in the bidding process was Germany's largest bank, Deutsche Bank.

Another German bank, Commerzbank, has pulled out of the running.

Citigroup operates in Germany under the name Citibank.

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Comments on this story

Robert Burns
07-05-08, 02:40 PM

Credit Mutuel of France bids for Citigroup

The only value Citigroup ever had was Citibank and what happens to it when they sell off most of that? Will we go back to Citicorp and start all over again or just stay with Citibank as they should have? The Financial Supermarket was a joke to begin with and in my opion damagned the good name of Citibank.

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