Citigroup considers divestiture of some foreign consumer units – Bloomberg Law

(Reuters) – Citigroup Inc is considering divesting some international consumer units, Bloomberg Law reported on Friday, citing people familiar with the matter.

The discussions are around divesting units across retail banking in the Asia-Pacific region, the report bit.ly/3pD57WP said.

The move, part of incoming Chief Executive Officer Jane Fraser’s attempt to simplify the bank, can see units in South Korea, Thailand, the Philippines and Australia being divested, the report added.

However, no decision has been made, according to the report.

The divestitures could be spaced out over time or the bank could end up keeping all of its existing units, the Bloomberg report said.

The bank did not immediately respond to a Reuters request for comment.

Last month, New York-based Citigroup beat profit estimates but issued a gloomy forecast for expenses. Finance head Mark Mason said the lender’s expenses could rise in 2021 in the range of 2% to 3%, weighing on its operating margins. (reut.rs/2ZwXRB1)

Adidas plans to divest Reebok brand

(Reuters) – German sportswear maker Adidas AG said on Tuesday it plans to divest the underperforming brand Reebok that it failed to revive 15 years after buying the U.S. fitness label to help compete with archrival Nike Inc.

Adidas said in a statement it had decided to begin a formal process aimed at divesting Reebok as part of a five-year strategy it plans to present on March 10.

“Reebok and Adidas will be able to significantly better realize their growth potential independently of each other,” said Chief Executive Kasper Rorsted.