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France-based bank Credit Mutuel will buy Citigroup Inc.'s retail operations in Germany in a deal that includes part of Citi's card business, a spokesperson for the United States-based financial institution tells CardLine Global. Citi has signed an agreement to sell Citibank Privatkunden AG & Co. KgaA, and some of its affiliates, to the French bank for 4.9 billion euros (US$7.7 billion). The deal should close in the fourth quarter, Citi says. Citi expects to experience a US$4 billion after-tax gain from the deal. The bank was unable provide details about its German card operations.

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