Deals
Citigroup Said to Fall Under ECB Supervision After Units Combine
- Unit would have about $57 billion in assets, filings show
- Merger of businesses said to be unrelated to Brexit concerns
Citigroup May Fall Under ECB Supervision
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Citigroup Inc.’s move to simplify the legal structure of its banking operations in Europe will probably place it under direct supervision by the continent’s central bank for the first time, said two people with knowledge of the matter.
A combination of Citibank Europe Plc in Dublin and the U.K.’s Citibank International Ltd. will likely make it subject to direct European Central Bank supervision by breaching the 30 billion-euro ($32 billion) threshold of total assets, said one person, who asked not to be identified because the matter is private. The merger, set for Jan. 1, will create a business with about $57 billion of assets, based on end-2014 accounts.