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Citigroup to sell foreign-exchange accounts to Saxo Bank, FXCM
[NEW YORK] Citigroup Inc will sell the Asia-Pacific client book of its foreign-exchange trading business, CitiFX Pro, to Denmark-based Saxo Bank A/S, according to a spokesman.
Kasper Elbjorn, head of communications for Saxo Bank, confirmed Saturday in an e-mail that the bank will acquire Citigroup's margin foreign-exchange business in the region. He didn't provide terms and declined to comment further.
The majority of Citigroup's foreign-exchange accounts are being sold to New York-based foreign-exchange trader FXCM Inc, according to an FXCM filing on Friday. FXCM reported that CitiFX Pro trading averaged more than US$30 billion a month in 2014.
"Citi has made a strategic decision to sell its Margin FX business, including the CitiFX Pro and TradeStream offerings, to FXCM and Saxo Bank," Danielle Romero-Apsilos, a Citigroup spokeswoman, said via e-mail. The sale is expected to be completed in the second quarter.