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Citigroup plans to sell 20 businesses: Report

Last Updated: Wednesday, August 5, 2009 - 21:24

Singapore/New Delhi: Troubled financial
services entity Citigroup plans to sell about 20 businesses
mainly in the consumer finance segment, says a media report.

Citi`s chief executive Vikram Pandit in an interview to
Singapore-based daily the `Business Times` said the company
has plans to sell another 20 businesses, largely in the
consumer finance area and many of them in Europe.

"A big reason for that is there has been a shift in the
consumer finance markets ... There is less funding
availability and they are less robust as businesses,"
India-born Pandit said.
The Citi chief noted that as part of restructuring, Citi
has sold more than 20 businesses.

Citigroup, severely hit by the financial turmoil, has
been selling many businesses worldwide as part of its efforts
to shrink the balance sheet.

About Asia, Pandit said that the region would be a big
part of Citi`s story going forward.

"Asia has been an integral (part) to Citi for more than
100 years and it will continue to be ... The numbers speak for
themselves. In the first half of this year, we had USD 2.8
billion of net income out of Asia," he added.

Bureau Report

First Published: Wednesday, August 5, 2009 - 21:24
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