Log in
Forgot password ?
Become a member for free
Sign up
Sign up
Dynamic quotes 

4-Traders Homepage  >  Equities  >  Nyse  >  Citigroup    C

Mes dernières consult.
Most popular
News SummaryMost relevantAll newsSector newsTweets

Citigroup Inc. : Citi Private Bank to Sell Part of U.S. Trust Business to Reliance Financial

share with twitter share with LinkedIn share with facebook
share via e-mail
01/23/2013 | 07:55pm CEST
   By Kristin Jones 

Citigroup Inc.'s (C) private bank has agreed to sell a portion of its U.S. trust business to privately-held Reliance Financial Corp. as it seeks to reduce its non-core assets.

The financial terms of the deal were not disclosed.

Under the terms of the transaction, Atlanta-based financial services and wealth management company Reliance Financial will acquire 100% of the stock of Citigroup Trust-Delaware, N.A. The acquisition consists of around 3,000 accounts and $1.7 billion in assets under administration.

Citi Private Bank, which offers financial products and services to wealthy individuals and families, said that the business represents a non-target market.

"We are pleased to have reached this agreement with Reliance Trust Company which will enable them to take over the management of this portion of our business in North America," said Paul James, chief executive of Citi Private Bank's trust business. "Citi Trust in North America remains focused on providing its full suite of trust and estate services to the high net worth and ultra high net worth clients of Citi Private Bank through our Delaware, New York and South Dakota centers."

Michael Roberts, president of Reliance Trust Company of Delaware, said the deal will allow the company "to increase its size, scale and overall nationwide footprint in the personal trust business."

The deal also boosts Reliance Financial's market share and is in line with its focus on the institutional marketplace, Chief Executive James T. Maxwell said.

Citigroup reported earlier this month that its fourth-quarter profit rose more than 25%, but fell short of investor expectations as legal expenses in the U.S. consumer business hurt profits. The banking giant is in the midst of changes under the fresh leadership of Chief Executive Michael Corbat, who in December outlined plans to cut jobs, close branches and retreat from consumer banking in a handful of countries in an effort to reduce costs.

Citigroup shares were trading up 29 cents in recent trading to $42.07. The stock has risen 66% in the past six months.

Write to Kristin Jones at [email protected]

Subscribe to WSJ: http://online.wsj.com?mod=djnwires

share with twitter share with LinkedIn share with facebook
share via e-mail
Latest news on CITIGROUP
09/21 Brazil's Votorantim Metais files for New York, Toronto IPO
09/21 Exclusive - Macquarie leapfrogs Goldman to join top tier of commodity banks
09/21 CITIGROUP : Citi Third Quarter 2017 Fixed Income Investor Review
09/21 CITIGROUP : New Oxford Martin School and Citi GPS Report Assesses How Income Ine..
09/19 KWG Property (01813) to issue US$250m senior notes
09/19 CITIGROUP : Citi to be 100 Percent Powered by Renewable Energy by 2020
09/19 Transaction banking revenues rise 4 percent in first half.
09/18DJGOLDMAN SACHS : Nabs Pipeline Banker From Citi
09/18 CITIGROUP : Coop appoints Citigroup to coordinate capital increase
09/18 CITI : Announce Co-Heads of Trade Business in EMEA
More news
News from SeekingAlpha
09/21 NHF : Options Worked
09/19 The Fed To Drive Bank Of America, Citigroup, JPMorgan And Financials Higher
09/15 Low Vol High Return, High Vol Low Return?
09/15 Why You Need To Buy This Citi Breakout
09/15 JPMorgan And Bank Of America To Lose Key Source Of Revenue In Q3
Financials ($)
Sales 2017 71 373 M
EBIT 2017 28 044 M
Net income 2017 14 223 M
Debt 2017 -
Yield 2017 1,32%
P/E ratio 2017 13,80
P/E ratio 2018 12,02
Capi. / Sales 2017 2,74x
Capi. / Sales 2018 2,64x
Capitalization 196 B
Duration : Period :
Citigroup Technical Analysis Chart | C | US1729674242 | 4-Traders
Technical analysis trends CITIGROUP
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus OUTPERFORM
Number of Analysts 30
Average target price 72,5 $
Spread / Average Target 1,1%
EPS Revisions
Mike Louis Corbat Chief Executive Officer & Director
James Anthony Forese President & CEO-Institutional Clients Group
Michael E. O'Neill Chairman
Don Callahan Chief Operations & Technology Officer
John C. Gerspach CFO & Principal Accounting Officer
Sector and Competitors
1st jan.Capitalization (M$)
CITIGROUP20.24%195 514
WELLS FARGO-2.47%266 812
BANK OF AMERICA13.39%264 398