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

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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

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Financials ($)
Sales 2017 71 550 M
EBIT 2017 27 656 M
Net income 2017 14 334 M
Debt 2017 -
Yield 2017 1,44%
P/E ratio 2017 12,63
P/E ratio 2018 11,17
Capi. / Sales 2017 2,51x
Capi. / Sales 2018 2,42x
Capitalization 179 824 M
Chart CITIGROUP
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Citigroup Technical Analysis Chart | C | US1729674242 | 4-Traders
Technical analysis trends CITIGROUP
Short TermMid-TermLong Term
TrendsNeutralBullishBullish
Income Statement Evolution
Consensus
Sell
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Mean consensus OUTPERFORM
Number of Analysts 29
Average target price 70,1 $
Spread / Average Target 6,2%
EPS Revisions
Managers
NameTitle
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
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