SINGAPORE, Oct 1 (Reuters) - Citigroup said on Thursday it has reached an agreement with a private banking client that had sued the bank for losing a billion dollars in foreign exchange and bond trades.

'Citi and Mr Oei Hong Leong have reached an amicable settlement, as a result of which Mr. Oei will be discontinuing the action. The terms of the settlement are confidential,' a Citi spokesman said in a statement.

Oei, one of Singapore's richest men, in May had sued Citi, with which he has a 30-year relationship, for negligence and misrepresentation after he claimed he had lost $1 billion on foreign exchange and bond trades.

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» Oei Hong Leong loses $1b, takes Citigroup to court
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