Citi in 'good conservations' to sell overseas consumer units

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Citigroup C, +2.85% CFO Mark Mason on Monday said the megabank continues to have "good conversations with potential buyers" of its consumer businesses in Asia and EMEA. The megabank said the potential sales is part of its plan to exit 13 consumer markets abroad and refocus its presence on Hong Kong, Singapore, London and the UAE. The bank plans to invest in and grow its institutional franchises in the two regions. However, Citi said the economics of winding down its consumer business in Korea "are much more attractive than continuing to run the business," Mason said. Shares of Citi rose 0.7% in pre-market trades on Monday.

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Steve Gelsi

Steve Gelsi covers banking and cannabis as a Senior Reporter for MarketWatch.