The bank has put the music label up for sale, just months after Terra Firma, EMI's private equity owners, lost the fight to keep it out of the lender's hands. Rival Warner Music Group fetched a surprisingly high price in May, raising hopes on EMI's valuation and the part it could play in industry consolidation.

Contrary to previous expectations, Citi may claw back a decent chunk of the £3.2bn it lent the label.