Citigroup To Sell Unit In Germany.

Citigroup, reeling from subprime losses and eager to shed assets, said Friday that it would sell its German banking operations to Credit Mutuel of France for 4.9 billion euros ($7.7 billion) in cash, setting the stage for what could be a wave of mergers in German banking. The deal, which analysts said was priced at the high end of expectations, gives Credit Mutuel, a retail bank that is one of France's largest, a secure foothold in Europe's largest banking market. [ABSTRACT FROM PUBLISHER]