Citigroup (C), still desperate for cash, sold its German consumer unit Citibank Privatkunden AG to French bank Credit Mutuel for $7.7 billion.
Credit Mutuel will pay cash. It will also pay Citi the accrued net earnings of the unit in 2008 prior to closing. (The unit cleared $365 million in 2007.)
The deal is expected to net Citi about $4 billion in cash after tax–a small but welcome improvement to Citi’s battered balance sheet.
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