The inclusion of Citi Property Investors to Apollo’s portfolio will more than triple the private equity firm’s real estate assets, the agency said. City Property Investors’ portfolio includes 65 investments in 26 countries with a net asset value of $3.5 billion, according to the agency. Apollo signed a letter of intent and the deal may take as long as three months to close, the agency said.
The U.S. government stepped in to prop up Citigroup at the height of the financial crisis in October 2008 when officials at the U.S. Treasury feared the bank’s crumbling financial condition could destabilize financial markets worldwide.
On March 4, Citigroup Chief Executive Vikram Pandit told a congressional panel that he had sold off many proprietary trading businesses, including the Phibro energy trading unit, and was focused on trading services for clients. via Reuters
This is a plus for the bank and shows that they are going back to banking instead of trading. The government step in to tell Citi to get rid of this and the bank is going along with the program.
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