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Credit Mutuel wins bid for Citi's German banks

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Credit Mutuel wins bid for Citi's German banks

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Citigroup is selling its German high street banking business to France’s Credit Mutuel for 4.6 billion euros. The sale is part of a reorganisation by the biggest bank in the US as it continues to grapple with massive losses from the global markets crisis.

Citi in Germany makes most of its money from loans for everything from televisions to cars. In the 2006 financial year, the Germany business contributed nearly 3% of Citigroup’s worldwide pretax profit.