Citigroup Inc is seeking buyers for about 50 branches holding $3 billion of deposits in California as the lender looks to trim its branch network, Bloomberg reported, citing three people involved in the process. The branches, located in rural areas from Sacramento to north of Los Angeles, could sell for more than $100 million, Bloomberg reported. (link.reuters.com/mur68v)Citigroup, which failed to find a buyer for 16 Nevada branches last year, wants to keep its offices in Los Angeles, San Francisco and San Diego.The bank could not be immediately reached for comment. (Reporting By Neha Dimri in Bangalore)
Citigroup Inc. (Citigroup) is a global diversified financial services holding company whose businesses provide consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services and wealth management. Shares of C fell by 0.79% or $-0.38/share to $47.84. In the past year, the shares have traded as low as $44.52 and as high as $55.28. On average, 30436800 shares of C exchange hands on a given day and today's volume is recorded at 17045070.
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