Italian lender Credito Emiliano said it is in exclusive talks with Citibank International to acquire its Italian branch network. The deal involves five branches – two of which are in Milan, and one each in Rome, Turin and Florence – including personnel and commercial resources. Credito Emiliano said that, if the deal goes through, it will merge them with its Banca Euromobiliare unit. Citibank would retain in Italy its private banking division for ultra high net worth individuals, as well as its corporate finance, credit card and consumer credit activities. Citi started a commercial bank in Italy in 1999. The two banks said they will provide further information as talks continue. Credem is headquartered in Reggio Emilia in Italy.