Banca Euromobiliare, the private banking unit of Italy's Credito Emiliano, has acquired Citibank International's Italian network of five retail branches and financial advisors. The two banks had been in exclusive talks since 14 January. Two of the five branches are located in Milan, with one apiece in Rome, Turin and Florence. They will be integrated into Banca Euromobiliare distribution network. The transaction also involves 15 people working as support personnel. The price at the closing, expected at the end of April 2008, is to be up to a maximum of 3.4 per cent of the division business volumes measured at that date. The current volumes related to the transaction amount are €1.3 billion, 75 per cent of which are handled by 40 bankers on division’s payroll and the remaining 25 per cent by 70 financial advisors. The acquisition is in line with the Credem Group's current strategy for selective expansion of the distribution network, strengthening its wealth management business and increasing the client base. "The closing of the deal will allow Banca Euromobiliare to keep on focusing on the private banking business, growing significantly its scale and managing to improve efficiency and profitability of its operations," said Credem chairman Giorgio Ferrari. "In particular, as a result of the transaction, Banca Euromobiliare will reach €8 billion of assets under management and under administration." Headquartered in Milan, Banca Euromobiliare is headed by general manager Fabrizio Greco. The bank offers a range of investment options, lending services and wealth management advisory. Credem Group, founded in 1910 at Reggio Emilia, is composed by 19 companies operating in commercial banking, asset management, investment banking, parabanking and bancassurance. As at 30 September 2007, Credem Group had total assets – including deposits, bonds, assets under management and assets under custody – of €59.5 billion. Citibank, part of US-based Citigroup, opened a commercial bank in Italy in 1999. It also has a private banking division in Italy for ultra high net worth individuals, as well as corporate finance, credit card and consumer credit activities.