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  • Positive News from Citigroup Inc. (NYSE:C) - Successfully Sold $10 Billion Worth of Citi Holdings Operations

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    Friday August 13, 2010 at 09:24 am EST
    CitiGroup® Inc. - Sold Over $10 billion of Operations of Citi Holdings in last 3 Months.
     
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    Citigroup, Inc (NYSE: C) has continued to wind up operations in its “Citi Holdings” division, which is a group of business units and assets that are out of Citi's core Business and are for-sale. These moves from Citi come as a part of a restructuring effort led by Citigroup CEO Vikram Pandit. After the financial crisis, Citi wanted to sell some of its risky assets to reduce its risky investments and to collect some cash. 

    Citi kept Citigroup’s core businesses together and named them Citicorp, and take the businesses for-sale or to be in a division called “Citi Holdings.”The latest news is the sale of real estate loan portfolio  to JPMorgan Chase & Co. (NYSE: JPM) for $3.5 Billion. With this the total sales from Citi Holdings of the last 3 months has reached $10 Billion.



    During the month of June, Citigroup, Inc (NYSE: C) signed a deal with Banco Santander SA (STD), as per which Santander will purchase $3.2 billion of CitiFinancial Auto’s auto loan portfolio. Adding to that was the sale of $1.1 Billion in Private Equity makes up a total of around $10 Billion for Citi.

    Resistance levels above - $4.07, $4.22 and $4.43
    Support Levels - $3.7 and $3.42.

    Shares of Citigroup Inc (NYSE:C) closed at $3.87 on Thursday after Wednesday's crash. If Citi drops below $3.7, It will be a good buy.  Yesterday Citigroup Asia said revenues will be less in Second half. On Tuesday, Citigroup Inc.(NYSE:C) was ranked as No. 1 Corporate Credit Card Issuer by Nilson Report. Citi also announced that It will  raise more Long-Term debt than estimated earlier. Citi is expected to stay highly volatile until the Federal shares are sold in the market.

     
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