Deutsche eyes Citi’s European bank
Deutsche Bank has expressed interest in purchasing Citigroup’s European consumer-banking business.
Deutsche Bank AG of Frankfurt, Germany, has expressed interest in purchasing New York-based Citigroup Inc.’s European consumer-banking business, according to published reports.
Deutsche Bank Group executive-committee member Juergen Fitschen addressed reporters at a banking conference in Germany yesterday, stating that the company is interested in consolidating its banking business in that country.
The news comes after Vikram Pandit, Citigroup’s chief executive, called for a company review of the German branch of the company’s consumer-banking business, Citibank Privatkunden AG & Co. of Dusseldorf, a move that many have posed as a prelude to putting the business on the market.
Citigroup, long embattled by credit losses, reported $16 million in losses related to trading write-downs and non-payment of loans.
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