NEW YORK (

TheStreet

) --

Citigroup

(C) - Get Report

plans to sell 20 businesses in the consumer finance area, CEO Vikram Pandit said in an interview with Singapore's

Business Times

, reports

Reuters

.

Many of the businesses are located in Europe, the report said.

Pandit said the move was being made because of a shift in the consumer finance market where "there is less funding availability and they are probably less robust as businesses," the report said.

In the interview, Pandit also said the bank's capital position following the completion of an exchange offer in which the company swapped new common stock for preferred securities, reflected an "incredible financial strength."

The exchange offer, announced in February, swapped roughly $58 billion worth of preferred shares and trust preferred securities for common stock. The private and public offerings included a total of $25 billion preferred securities owned by the U.S. government. The transaction makes the U.S. government Citigroup's largest stakeholder, holding about 34% of the bank's shares.

-- Reported by Joseph Woelfel in New York

.