Citigroup Inc. could fetch as much as US$6 billion from the sale of retail banking assets in 13 markets across the Asia-Pacific region, Europe and the Middle East as the lender forges ahead with plans to fine-tune its global branch network, people familiar with the plan said.
The sale process for Australia is the furthest along and the preliminary interest for many of the assets has come mainly from local players, the people said, asking not to be identified as the details are private. Exits from other markets, such as Southeast Asia and Poland, are at an earlier stage, the people said. The entire sales process is in its early stages, and the timeline and valuations could still change.
“In terms of timing, look, we’re already getting going and there’s no dilly-dallying here,” Chief Executive Officer Jane Fraser told analysts on a conference call last week. “We’ve begun the work.” Read more…..
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A decade after the financial crisis, billionaire investor Warren Buffett explains what was behind the 2008 mayhem, what we can do to limit the damage and opportunities missed last time.
