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Wednesday, September 3, 2014

Citi sells more branches in Texas to BB&T, (NYSE: C)

Citigroup Inc agreed to sell another 41 branches in Texas to BB&T Corp as the third-largest U.S. bank cuts back on brick-and-mortar outlets and focuses on online banking.The disposal follows the sale of 21 branches in the state to BB&T in December. Citi also sold its retail banking and credit card business in Spain to Banco Popular in June and, according to a source, is now seeking a buyer for its Japanese retail banking operations.The latest sale includes retail branches in Dallas, Houston and Midland that had $2.3 billion in deposits and $87 million in loans. Dallas and Houston were among the cities that Citigroup listed in November as being part of its strategy to focus on doing business in the world's 150 top urban areas.Citi said on Wednesday its branch network in Texas did not provide the scale to capture future growth and market share in traditional retail banking.

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 traded higher by 0.38% or $0.2/share to $52.16. In the past year, the shares have traded as low as $45.18 and as high as $55.28. On average, 15920400 shares of C exchange hands on a given day and today's volume is recorded at 12206908.