Cleary Gottlieb is representing Citibank International Plc in the sale of the branch network of its Italian gestione patrimoni division, composed of five branches (two in Milan, one each in Rome, Turin, and Florence), including commercial resources, to Credito Emiliano. The division has assets under management currently for a total of €1.3 billion. An agreement was signed on February 11 and the transaction is expected to close at the end of April. Credem is expected to complete the acquisition through Banca Euromobiliare, its subsidiary in the private banking business.
Citibank International Plc is part of Citigroup. Credem is an Italian banking group, headquartered in Reggio Emilia (northern Italy) specializing in traditional banking services, investment banking, asset management and bancassurance. Credem S.p.A. is listed on the Italian stock exchange.
