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Citigroup is exploring ``a variety of options for our retail banking business in Germany,'' Bjoern Korschinowski, a spokesman for Dusseldorf-based Citibank Privatkunden AG, said in a statement on Friday.
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As part of CEO Vikram Pandit’s review of Citi's various businesses around the world, the company is "a variety of options for our retail banking business in
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Last week, Pandit said at a conference with investors that the bank - struggling to return to profitability after getting slammed by losing bets on mortgages - aims to shed between $400 billion and $500 billion of "non-core" assets over the next three years. Citigroup currently has $2.2 trillion in assets.
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A person familiar with Citigroup’s decision-making process, who spoke on condition of anonymity because he was not authorized to discuss it publicly, said Friday that Citi’s retail bank in Germany - Citibank Privatkunden AG & Co. KgaA - is indeed regarded as a "core" asset of Citigroup, said AFP on Saturday.
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But the person said the business is being seen as a sale opportunity because "banks in
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The company emphasized in its statement that it is not considering selling its corporate and investment banking operations in Germany.