Cendant last night appointed Citigroup to advise on the possible sale of its travel distribution services division alongside JP Morgan and boutique Evercore Partners, which have been advising the US conglomerate on its restructuring since October.

Cendant announced a plan to split into four, independent, publicly-traded companies six months ago and appointed Evercore as an adviser alongside JP Morgan, which has led the last two initial public offerings from the $21bn (€17.6bn) US conglomerate.

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The agreement settles claims that the lender facilitated $800 million of payments related to the looting of the Malaysian sovereign-wealth fund.

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Citigroup muscles in on Cendant sale

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