Citigroup is selling its retail business in Belgium to Credit Mutuel Nord Europe, Reuters reported earlier this week. Terms of the deal were not released. Citigroup has had operations in Belgium since 1919. The deal is expected to close in the second quarter of 2012.
(Reuters) – Citigroup (C.N) has agreed to sell its retail business in Belgium to Credit Mutuel Nord Europe (CMNE), the French firm said in a statement on Wednesday.
A spokesman for CMNE declined to detail the value of the transaction but said it would include Citigroup’s credit card and consumer loan businesses in the country.
“This fits perfectly in the CMNE group’s strategy. It is clearly based on our pursuit of expansion, notably in northern France and in Belgium, which we consider as our second domestic market,” Eric Charpentier, director general of Crédit Mutuel Nord Europe said in the statement.
Citigroup opened operations in Belgium in 1919 and has more than 560,000 clients.
The merged company will be established after the closure of the transaction, expected in the second quarter of 2012.
(Reporting by Justyna Pawlak and Barbara Lewis; Editing by Jon Loades-Carter)