Citigroup Inc. reported an unexpected profit increase and beat analysts’ estimates as the company recouped funds previously set aside for bad loans and cut losses at a division holding unwanted assets.
Ally Financial Inc. investors who bought $2.38 billion of stock in an initial public offering yesterday join hedge fund manager Dan Loeb and private equity executive Stephen Feinberg seeking to profit from auto lending.
Citigroup Inc. agreed to sell its consumer-banking business in Honduras to Banco Financiera Comercial Hondurena SA as the third-largest U.S. lender scales back in some countries. Terms weren’t disclosed.
Banco Santander SA, Spain’s biggest bank, bought the private banking unit of BNP Paribas SA in Miami to help to win more business from wealthy Latin American clients, two people with knowledge of the matter said.
It looked like the start to another fine year for one of Mexico’s most powerful bankers. Citigroup Inc. Co-President Manuel Medina-Mora held court last month at a Mexico City breakfast where colleagues talked shop over mango, melon and banana. He sat at the right arm of the nation’s president at another February meeting when Enrique Pena Nieto toasted the bank’s drive, charity and influence.