Citi to buy part of SocGen's shipping portfolio

LONDON, June 22 Fri Jun 22, 2012 9:45am EDT

LONDON, June 22 (Reuters) - U.S. bank Citigroup said on Friday it had reached an agreement with Societe Generale to buy a portion of the French lender's shipping loan book for an undisclosed price.

"Societe Generale Corporate & Investment Banking and Citi have today confirmed an agreement for the sale of a portion of Societe Generale's shipping portfolio to Citi," the U.S. investment bank said in a statement.

"SGCIB and Citi are committed to working in a coordinated manner in order to make the transition as timely and efficient as possible for the borrowers."

SocGen said in January it aimed to exit or cut its property, shipping and aircraft financing activities.