Citigroup plans to sell 20 businesses: Report
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Last Updated: Wednesday, August 05, 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 05, 2009, 21:24

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