FACTBOX: Citi readies massive sell-off of non-core assets
(Reuters) - Citigroup Inc is expected to announce plans to sell roughly $400 billion in non-core assets when new CEO Vikram Pandit meets with investors and analysts later on Friday, people familiar with the situation told Reuters.
Below are assets and businesses that Citi is selling, has sold, or is believed to be considering selling.
* Citi is mulling the sale of its German retail business, which focuses on consumer finance, sources told Reuters in April.
* Citi is in talks to sell a private equity unit in Japan, Nikko antfactory, sources told Reuters in April.
* Citi was in the process of auctioning the merchant banking arms of its Japanese unit in London and Australia, sources told Reuters in January.
* Citi has closed its Smith Barney brokerage operation in Taiwan.
* Citi was in talks to sell its Australian retail brokerage business to National Australia Bank Ltd, according to an unconfirmed media report.
* Citi, including Pandit himself, has repeatedly denied rumors in local media that it plans to sell its operations in South Korea.
* Early this month, a newspaper in India reported that Citi is looking to sell about $960 million worth of vehicle and construction equipment loans in India. The Economic Times newspaper also said Citi had sacked 400 staff at its non-bank consumer finance arm in India, and was close to shutting 125 of its 450 non-bank consumer finance branches.
* Primerica, a consumer sales network for life insurance and investments, is regarded as a sale candidate by observers.
* Citi's retail banking network in the United Kingdom and its consumer finance units in Japan and Mexico are seen by company watchers as candidates for sale.
* Citi agreed last month to sell its Diners Club International card business to Discover Financial Services for $165 million.
* Citi sold its CitiStreet retirement plan administrator, a joint venture with State Street, to ING Groep NV for 578 million euros ($895 million).
* Citi last month agreed to sell seven of its CitiCapital equipment finance business lins to Genereal Electric GE Capital for an undisclosed price.
(Reporting by Tony Munroe and Dan Wilchins; Editing by Kim Coghill)
