SINGAPORE - Citigroup said on Thursday it has reached an agreement with a private banking client that had sued the bank for losing millions of 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 $680 million on foreign exchange and bond trades.

(Reporting by Saeed Azhar; Editing by Neil Chatterjee)