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

4-Traders Homepage  >  Equities  >  Nyse  >  Citigroup Inc    C

Delayed Quote. Delayed  - 07/29 10:02:49 pm
43.81 USD   -0.61%
01:47a Deutsche Bank scrapes through European banks stress test
07/29 Monte dei Paschi approves privately-backed rescue plan
07/29DJCITIGROUP : Mervyn King Serving as Senior Adviser to Citigroup -FT
News SummaryMost relevantAll newsSector news 

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 kristin.jones@dowjones.com

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 INC
01:47a Deutsche Bank scrapes through European banks stress test
07/29 Monte dei Paschi approves privately-backed rescue plan
07/29DJCITIGROUP : Mervyn King Serving as Senior Adviser to Citigroup -FT
07/29 CITIGROUP : Citi's U.S. economic index posts biggest drop since Feb. 2014
07/29 MTN Set to List Shares on NSE, Names Citigroup, Standard Bank as Advisers
07/29DJEDF Profit Falls on Lower Electricity Prices, Deregulation
07/28 CITIGROUP : Citi to Delist from Tokyo Stock Exchange
07/28 CITIGROUP : Announces Approximately €1.1 Billion Redemption of 4.75% Fixed / Flo..
07/28 SURVEY : Consumers adopting mobile payments, but at a slow pace
07/28 CITI : Issues Offering of EUR 374.2 Million Exchangeable Bonds due 2023, Exchang..
More news
Sector news : Banks - NEC
07:09aDJSWIBER : Singapore's Swiber Applies for Judicial Management, Withdraws Liquidati..
01:47a Deutsche Bank scrapes through European banks stress test
01:47a ALLIED IRISH BANKS : says stress test not reflective of current performance
07/29 Monte dei Paschi approves privately-backed rescue plan
07/29DJMost European Banks Survive Stress Test--Update
More sector news : Banks - NEC
News from SeekingAlpha
07/29 Is It Time To Sell Citigroup?
07/28 We're Ready To Tackle The Talend IPO
07/27 Big Verizon Deal Near
07/27 OPPENHEIMER : Bank stock hatred hits new highs
07/26 9 Best Stocks For Value Investors This Week - 7/23/16
Financials ($)
Sales 2016 69 920 M
EBIT 2016 27 464 M
Net income 2016 13 678 M
Debt 2016 -
Yield 2016 0,96%
P/E ratio 2016 9,52
P/E ratio 2017 8,46
Capi. / Sales 2016 1,84x
Capi. / Sales 2017 1,78x
Capitalization 128 579 M
More Financials
Duration : Period :
Citigroup Inc Technical Analysis Chart | C | US1729674242 | 4-Traders
Full-screen chart
Technical analysis trends CITIGROUP INC
Short TermMid-TermLong Term
Technical analysis
Income Statement Evolution
More Financials
Mean consensus OUTPERFORM
Number of Analysts 29
Average target price 54,6 $
Spread / Average Target 25%
Consensus details
EPS Revisions
More Estimates Revisions
Mike L. 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 Chief Financial Officer
More about the company
Sector and Competitors
1st jan.Capitalization (M$)
CITIGROUP INC-15.34%129 372
WELLS FARGO & CO-11.76%244 358
JPMORGAN CHASE & CO.-3.12%234 392
BANK OF AMERICA CORP-13.90%150 792
More Results