Citibank 2014 Annual Report Download - page 174

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Sale of Spain Consumer Operations
On September 22, 2014, Citi sold its consumer operations in Spain, which
was part of Citi Holdings, including $1.7 billion of consumer loans (net
of allowance), $3.4 billion of assets under management, $2.2 billion of
customer deposits, 45 branches, 48 ATMs and 938 employees, with the
buyer assuming the related current pension commitments at closing. The
transaction generated a pretax gain on sale of $243 million ($131 million
after-tax). Income before taxes for the period in which the individually
significant component was classified as held for sale and for all prior periods
are as follows:
In millions of dollars 2014 2013 2012
Income before taxes $373 $59 $6
Sale of Greece Consumer Operations
On September 30, 2014, Citi sold its consumer operations in Greece, which
were part of Citi Holdings, including $353 million of consumer loans (net
of allowance), $1.1 billion of assets under management, $1.2 billion of
customer deposits, 20 branches, 85 ATMs and 719 employees, with the buyer
assuming certain limited pension obligations related to Diners’ Club’s
employees at closing. The transaction generated a pretax gain on sale of
$209 million ($91 million after-tax). Income before taxes for the period in
which the individually significant component was classified as held-for-sale
and for all prior periods are as follows:
In millions of dollars 2014 2013 2012
Income before taxes $133 $(113) $(258)