Deutsche Bank in talks to buy Citigroup
Deutsche Bank, Germany's biggest bank, is in talks to buy the German subsidiary of US banking giant Citigroup.
By Agencies |
FRANKFURT: Deutsche Bank, Germany's biggest bank, is in talks to buy the German subsidiary of US banking giant Citigroup, Citibank, a press report said on Friday.
Deutsche Bank wants to merge the credit operations of Citibank with those of Norisbank, which Deutsche Bank acquired in 2006, the WirtschaftsWoche magazine said in its edition to appear Monday.
The German group signalled its interest in the German activities of Citigroup in late April. Citigroup has suffered heavily from the meltdown in the US subprime -- high risk -- mortgage sector and has been looking to sell assets as a result.
Germany's second bank, Commerzbank, has also expressed an interest in Citibank, which has 3.25 million customers and 340 branches in Germany. Citibank would provide any new owner with a chance to boost its presence in the retail banking sector.
A Citibank spokesman refused to comment on the report, apart from recalling that Citigroup is considering different options for its retail banking operations in Germany.
Deutsche Bank wants to merge the credit operations of Citibank with those of Norisbank, which Deutsche Bank acquired in 2006, the WirtschaftsWoche magazine said in its edition to appear Monday.
The German group signalled its interest in the German activities of Citigroup in late April. Citigroup has suffered heavily from the meltdown in the US subprime -- high risk -- mortgage sector and has been looking to sell assets as a result.
Germany's second bank, Commerzbank, has also expressed an interest in Citibank, which has 3.25 million customers and 340 branches in Germany. Citibank would provide any new owner with a chance to boost its presence in the retail banking sector.
A Citibank spokesman refused to comment on the report, apart from recalling that Citigroup is considering different options for its retail banking operations in Germany.
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