Seeking Alpha

Citi sells Greek retail business to Alpha Bank

  • Unloading more Citi Holdings assets, Citigroup (C) sells its Greek retail operation to Alpha Bank (ALBKY) for a reported €2M. The sale includes about $600M of GAAP assets, 480K customers, $1.4B in deposits, and $540M in loans.
  • Citi says the sale is part of a plan to expand its focus on corporate and shipping clients in the country.
  • Source: Press Release
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Comments (4)
  • Roger C. Wren
    , contributor
    Comments (252) | Send Message
     
    That seems like a lot of assets for two million euros.
    13 Jun 2014, 08:04 AM Reply Like
  • tripleabonds
    , contributor
    Comment (1) | Send Message
     
    If that price is correct then it was a great trade for Alpha.
    13 Jun 2014, 09:33 AM Reply Like
  • Yorick
    , contributor
    Comments (591) | Send Message
     
    Or Citi knows the country is going down again and wants no assets...
    23 Jun 2014, 12:39 PM Reply Like
  • pigeonguy
    , contributor
    Comments (133) | Send Message
     
    What were they thinking of by selling at that price unless the assets are terrible which I find as unlikely?
    13 Jun 2014, 12:08 PM Reply Like
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