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Citigroup Said to Seek Sale of 50 Branches in California

Citigroup Inc. is seeking bidders for about 50 branches holding $3 billion in California as the third-largest U.S. lender pares brick-and-mortar outlets, said three people involved in the process.

The offices, located in rural areas from Sacramento to north of Los Angeles, could sell for more than $100 million, said the people, who asked for anonymity because the negotiations are confidential.