US banking giant Citigroup’s plans to sell off its retail operations in Germany are proceeding apace, Handelsblatt reports.
According to the newspaper, which cited several anonymous insiders, a shortlist of bidders is being drawn up by Citi.
These interested parties will then be given access to the bank’s books within a fortnight – although it is not currently clear how many firms are to be involved.
Large European firms including Deutsche Bank, Commerzbank and Santander have signaled interest in taking the banks over, however.
The sell-off marks the latest stage in Citi chief executive Vikram Pandit’s plan to help the credit crunch-hit bank “get fit” by selling off $400 billion of assets to shore up balance sheets.
Citi’s German retail operations earn money through sales of loans and consumer goods such as televisions and cars, Reuters reports.
The bank had around $2.2 trillion of assets under its control by the end of 2007.