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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
07/23/201603:03:00Banks' Profit Margins Fall -- WSJ
07/22/201616:37:17Current Report Filing (8-k)
07/22/201616:12:17Statement of Changes in Beneficial Ownership (4)
07/22/201616:11:24Statement of Changes in Beneficial Ownership (4)
07/22/201613:32:58Statement of Changes in Beneficial Ownership (4)
07/22/201608:59:00Main Street Banks Facing Deeper Pain
07/20/201616:13:09Statement of Changes in Beneficial Ownership (4)
07/20/201616:08:48Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
07/19/201616:41:46Free Writing Prospectus - Filing Under Securities Act Rules 163/433...
07/19/201616:11:59Statement of Changes in Beneficial Ownership (4)
07/19/201608:08:47Prospectus Filed Pursuant to Rule 424(b)(3) (424b3)
07/15/201612:27:00U.S. Bancorp Profit Rises on Increased Loans, Deposits -- Update
07/15/201609:53:00U.S. Hot Stocks: Hot Stocks to Watch
07/15/201608:10:00U.S. Bancorp Profit Rises on Increased Loans, Deposits
07/15/201607:54:00U.S. Bancorp Profit Rises on Increased Loans, Deposits
07/15/201606:53:14Current Report Filing (8-k)
07/15/201606:45:00U.S. Bancorp Reports Record Revenue and Net Income for the Second...
07/12/201615:10:00American Airlines to Renew Credit-Card Deals
07/12/201613:00:00U.S. Bank Names Steven Bennett Columbus Market President
07/06/201610:00:00U.S. Bank Leads the Way in the Evolution of Real-Time, Person-to-Person...

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