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FINANCIALS: Citi Selling Small Polish Business. Helpful But Immaterial.

FINANCIALS

Citigroup (C: A3/BBB+/A) is reportedly restarting the process of selling its (small) Polish retail business, after this unit’s share price recovery. Helpful in general process of simplifying Citigroup but immaterially small, in our view.

  • Business Insider is reporting that Bank Handlowy (owned by Citi for the last two decades) is restarting the sale process for its retail business, as part of the group-wide drive to streamline and simplify Citigroup. This was explored in 2021 but, apparently shelved. The more-than-doubling of Handlowy’s share price since then may be part of the reason for the restart.
  • Handlowy’s retail business reportedly only has around PLN7bn (USD1.75bn) of assets so this is immaterially small for Citigroup, therefore highly unlikely to move spreads, in our view.
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