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. Last Updated: 07/27/2016

Citigroup Eyes Big Buys in Germany

FRANKFURT -- Citigroup is on the lookout for acquisitions in Germany and could swoop on a big bank, said Sue Harnett, Citigroup's head of German operations.

"We are watching the German market very carefully, both locally and globally," Harnett said. "All eyes are looking for good opportunities."

Markets are on high alert for big deals in the wake of Barclays' exclusive talks with ABN Amro to create the world's fifth-biggest bank, closing the gap on Citigroup. Analysts have said Citigroup's cost shake-up ruled it out of a mega deal in Europe's biggest economy.

But Harnett said the group's cost-cutting would not hinder it from making a large purchase. "You have to separate the cost review with mergers and acquisitions," she said. "The corporation I work for is very skilled at M&A. We are a big bank. We have lots of money.

"There are a couple of things I would love to have in Germany. I see opportunities both big and small."