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Citi in Talks With Fubon on $1.5 Billion China Asset Sale, Sources Say

  • Taiwan lender likeliest buyer of Citi China retail operations
  • Fubon, Citi aiming to sign potential agreement in coming weeks
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Citigroup Inc., which has been shedding some of its retail operations as part of a global revamp, is in advanced talks with Taiwan’s Fubon Financial Holding Co. for a sale of its mainland China consumer business, people familiar with the matter said.

Taipei-based Fubon has emerged as the likeliest buyer after outbidding rivals, and the two lenders are negotiating the terms of a potential transaction, the people said, asking not to be identified as the information is private. Both are aiming to sign an agreement in the coming weeks and the assets could be valued at about $1.5 billion, the people said.