(Reuters) -Citigroup said on Tuesday its Polish unit has agreed to sell its consumer banking business in the country to Velobank, as the Wall Street giant nears the end of a years-long effort to exit non-core retail banking markets. The third-largest U.S. lender added that while the transaction is financially immaterial to the company, it […]
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Citi’s Polish unit to sell consumer banking business to Velobank
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(Reuters) -Citigroup said on Tuesday its Polish unit has agreed to sell its consumer banking business in the country to Velobank, as the Wall Street giant nears the end of a years-long effort to exit non-core retail banking markets.
The third-largest U.S. lender added that while the transaction is financially immaterial to the company, it is expected to result in a modest regulatory capital benefit at closing.
(Reporting by Manya Saini in Bengaluru; Editing by Vijay Kishore)