The American banking conglomerate Citigroup plans to sell its division for acquiring stakes in companies to raise funds to reduce its debt, Bloomberg financial news agency reported on Monday.
The value of Citi Private Equity is approximately $10 billion, the agency further reported, citing well-informed sources. The division’s managers are interested in purchasing, either independently or in collaboration with other partners or investors, Bloomberg further reported. The planned sale is part of Citigroup’s strategy to recover from the financial crisis by selling about one-third of its total assets valued at $1.86 trillion. The U.S. government acquired a 27% stake in Citigroup through a bailout program at the end of 2008. (H)
