The French cooperative bank Credit Mutuel has announced it is buying Deutsche Citibank for 4.9 billion euros.
The German subsidiary of the US banking giant Citibank has 340 branches and 3.3 million customers in Germany. Citibank itself had been hit hard during the recent global financial turmoil that was sparked by the mortgage crisis in the US. Deutsche Bank had also expressed interest in Deutsche Citibank, but is now said to be eyeing Postbank, the retail banking unit owned by Deutsche Post.
(Deutsche French Bank Credit Mutuel to Buy German Citibank ...
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