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AXA Arm to Buy Holdings From Citi
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Citigroup is continuing its reduction of risky assets following the financial crisis of 2008. Citi sold a $1.7 billion portfolio of private equity assets to AXA Private Equity. This is part of the close to $600 billion in assets that include troubled loan and securities portfolios, which Citi has planned to sell after the financial crisis.These assets are held in Citi Holdings unit of Citigroup. At the end of the first quarter 2011, Citi Holdings had $337 billion in assets, including retail banking and card portfolios in Western Europe, and CitiFinancial consumer lending unit. This is down from $582 billion held at the end of the second quarter of 2009.
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From the second quarter of 2009, to the first quarter of 2011, Cit Holdings had troubled assets come down from $582 billion to $337 billion. Like other large banks in its group Citi still has large amounts of troubled assets.
Linked Articles
AXA Arm to Buy Holdings From Citi
Wall Street Journal 06/08/2011
Wall Street Journal 06/04/2011
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