However, a sale is not expected to be imminent and Citi are in no rush to sell. A source claimed that stories about the US bank already sounding out potential buyers was "nonsense".

Instead, Citi wanted to create as much interest - or "price tension" - around EMI as possible so it could deliver the best return to its investors. This, inevitably, takes time.

Significantly, the bank was publicly standing behind CEO Roger Faxon - for the time being. "We ...