Citibank 2015 Annual Report Download - page 168

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Sale of Japan Cards Business
On December 14, 2015, Citi sold its Japan cards business, which was part
of Citi Holdings, including $1,350 million of consumer loans (net of
allowance), approximately 720,000 customer accounts and 840 employees.
The transaction generated a pretax gain on sale of $180 million, recorded
in Other revenue ($155 million after-tax). Income (loss) before taxes,
excluding the pretax gain on sale, is as follows:
In millions of dollars 2015 2014 2013
Income (loss) before taxes $(5) $— $46
Sale of Japan Retail Banking Business
On November 1, 2015, Citi sold its Japan retail banking business, which
was part of Citi Holdings, including $563 million of consumer loans (net
of allowance), $20 billion of deposits, approximately 725,000 customer
accounts, 1,600 employees and 32 branches. The transaction generated
a pretax gain on sale of $446 million, recorded in Other revenue
($276 million after-tax). Income (loss) before taxes (benefits), excluding
the pretax gain on sale, is as follows:
In millions of dollars 2015 2014 2013
Income (loss) before taxes $(57) $(5) $31
Sale of Spain Consumer Operations
On September 22, 2014, Citi sold its consumer operations in Spain, which
were 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, recorded in
Other revenue ($131 million after-tax). Income before taxes, excluding the
pretax gain on sale, is as follows:
In millions of dollars 2015 2014 2013
Income before taxes $— $130 $59
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, recorded in Other revenue ($91 million after-tax). Income
(loss) before taxes, excluding the pretax gain on sale, is as follows:
In millions of dollars 2015 2014 2013
Income (loss) before taxes $— $(76) $(113)