European banks' pain is other's gain: Citigroup (C) agrees to buy a portion of Societe...

|About: Citigroup Inc. (C)|By:, SA News Editor

European banks' pain is other's gain: Citigroup (C) agrees to buy a portion of Societe Generale's (SCGLY.PK) shipping loan book for an undisclosed price. Cutting back where it can to raise capital, the French lender is in the midst of unloading its property, shipping, and aircraft financing activities.