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Citigroup To Buy Loans From Societe Generale

Citigroup Inc. (C) is buying a portion of Societe Generale SA's (SCGLY, GLE.FR) portfolio of shipping loans, joining the group of U.S. banks buying businesses and assets from shrinking European banks. The two banks said they won't disclose the terms of the deal, and a short statement from Citi only said the two "are committed to working in a coordinated manner in order to make the transition as timely and efficient as possible for the borrowers." A person familiar with the matter said Citi paid $1.3 billion for the loans. The sale was earlier reported by Reuters. Many U.S. bankers have said they're interested in buying assets and businesses European banks are trying to shed in their effort to built capital. While some bankers simply take advantage of better loan pricing as European banks stop competing for borrowers in the U.S., others, particularly Wells Fargo & Co. (WFC), have been aggressively buying portfolios. Competition was strong from U.S. banks for Royal Bank of Scotland Plc's (RBS, RBS.LN) aviation-leasing business, which eventually went to Sumitomo Mitsui Financial Group Inc. (SMFG, 8613.TO). Earlier this week, Eurohypo AG sold $760 million in commercial real estate loans in major markets around the U.S. to U.S. Bancorp (USB), Wells Fargo and Blackstone Group LP (BX) for out 95 cent on the dollar. Wells Fargo Chief Executive John Stumpf and Chief Financial Officer Timothy Sloan have repeatedly said the San Francisco bank--the fourth largest by assets in the U.S.--is looking to buy more U.S. assets from European banks. It got $15 billion of loans when it bought BNP Paribas SA's (BNPQY, BNP.FR) energy lending business, and loans from Allied Irish Banks (AIBYY, ALBK.DB) and Bank of Ireland. Mr. Stumpf told investors in May, "As Europe continues to retreat back to their home countries and divest and so forth, we've been kicking tires and we've actually bought a few things that we really liked." Write to Matthias Rieker at matthias.rieker@dowjones.com

Stock News for Us Bancorp (USB)
DateTimeHeadline
06/29/201618:17:00Fed Approves U.S. Bancorp's Capital Plan -- Update
06/29/201617:02:16Current Report Filing (8-k)
06/29/201616:59:00Fed Approves U.S. Bancorp's Capital Plan
06/29/201616:32:00U.S. Bancorp Receives Results of Comprehensive Capital Analysis...
06/28/201616:58:30Amended Annual Report of Employee Stock Plans (11-k/a)
06/27/201613:28:00U.S. Bank Offers Customers a More Rewarding Experience with Two...
06/24/201616:26:04Amended Current Report Filing (8-k/a)
06/24/201615:38:22Annual Report of Employee Stock Plans (11-k)
06/23/201617:48:00U.S. Bancorp Discloses Summary Results of Dodd-Frank Act Stress...
06/23/201617:00:00U.S. Bancorp Exceeds Fed's Minimum Capital Level Under Stress...
06/20/201612:35:00U.S. Bank Names Retail Veteran to Lead Omnichannel Experience...
06/15/201613:00:00U.S. Bancorp Announces Quarterly Dividends
06/13/201616:20:51Current Report Filing (8-k)
06/13/201614:00:00U.S. Bancorp Names Dolan as CFO
06/13/201613:48:00U.S. Bancorp Names Terry Dolan as Chief Financial Officer
06/13/201611:05:00U.S. Bancorp Appoints Terry Dolan as Chief Financial Officer;...
06/10/201613:00:00U.S. Bancorp to Release Second Quarter Earnings Results and Host...
06/08/201614:01:00U.S. Bank and MasterCard® Bring More Mobile Payment Choices...
06/07/201616:05:00U.S. Bancorp to Speak at the Morgan Stanley 2016 Financials Conference
06/03/201610:00:00Ascent Private Capital Management of U.S. Bank Names John Zimmerman...

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