Citigroup CEO Doesn't See Bank Buying GMAC

Published on:
12 September 2006 at 10:20 a.m. ET

Written by: Unknown Author –

http://www.insidearm.com/news/00003754-citigroup-ceo-doesnt-see-bank-buying-gmac/

Citigroup Inc. Chief Executive Charles Prince on Friday said it was hard for him to see the top U.S. bank buying General Motors Corp. financing unit, General Motors Acceptance Corp. (GMAC).

The world’s largest automaker is auctioning off a 51 percent stake in its lucrative unit, after losing nearly $4 billion this year as it struggles with high costs, declining market share to foreign rivals and slumping sales of cash-generating sport utility vehicles.

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