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Citigroup may sell $570m stake in CVC Capital Partners

Company still 12% state owned

Citigroup is set to sell approximately $570m of investments and stakes it holds with the British buyout firm CVC Capital Partners.

The stakes include about $250m of interests in two Asia funds; about $21m in a European fund; and about $300m of stakes in several European companies, reported Bloomberg.

Citigroup is trying to off load $2bn of buyout holdings left in its sale bin after completing a deal to turn over management of $4bn of interests in Citigroup-managed buyout funds to StepStone Group and sell stakes in the funds to Lexington Partners.

The move to sell the investments is part of Citigroup's strategy to focus on serving consumer and corporate clients, rather than using its balance sheet for private equity and other proprietary investments.

Citigroup, which was bailed out by US government, is still 12% owned by the government after repaying $20bn of its bailout money last December.