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Citigroup to seek sale of 50 branches in California: Bloomberg

A Citibank sign on a bank branch in midtown Manhattan, New York, November 17, 2010. REUTERS/Mike Segar
A Citibank sign on a bank branch in midtown Manhattan, New York, November 17, 2010. REUTERS/Mike Segar

(Reuters) - 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. (http://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)

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