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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
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09/29/201423:00:21Bank Branches in U.S. Dip to Lowest Since 2005
09/29/201422:52:12Bank Branches in U.S. Decline to Lowest Level Since 2005 -- Update
09/25/201411:20:12Regulators Penalize U.S. Bancorp. for Identity-Theft Products
09/22/201418:54:36Minority Borrowers Feel Mortgage Pinch--Update 2
08/05/201416:10:12Trustees Seek More Time on Citigroup Settlement
08/05/201415:52:28Trustees Get Extension in Citigroup's Mortgage-Securities Settlement
07/13/201406:18:25MARKET SNAPSHOT: Tech, Bank Earnings To Test Economic Recovery
05/07/201417:06:20U.S. Bancorp Under Investigation Over FHA Insurance
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04/16/201413:50:23MARKET SNAPSHOT: U.S. Stocks Rise On Upbeat Data; Tech Earnings
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04/14/201410:01:24U.S. Bancorp to Buy Ally Bank's Document Custodian Unit
03/17/201410:28:03Huntington Bancshares Taps U.S. Bancorp Executive McCullough...
02/21/201413:40:09Big Banks Granted Flexibility in Calculating Capital
02/21/201413:30:21U.S. Regulators Give Eight Banks Flexibility in Calculating Capital
01/22/201417:14:04MARKET SNAPSHOT: IBM Drags On Dow; U.S. Stocks Mostly Rise
01/22/201417:00:09Judge Says Dish Properly Withdrew LightSquared Bid -- Update
01/22/201415:08:02Judge Suggests Dish Properly Withdrew LightSquared Bid

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