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...In a presentation on Monday, it noted that assets at Citi Holdings had fallen to just 5 per cent of total bank assets, from 32 per cent in 2008, following sales of the Smith Barney brokerage unit and Primerica...
...In this role, he oversaw the divestiture of more than 40 businesses, including the IPO and sale of Citi’s remaining stake in Primerica. Mr....
...Citigroup gained about $180m by selling its remaining 11 per cent stake in Primerica, the life assurance company that was a crucial building block in Sandy Weill’s attempt to create a financial supermarket...
...Primerica said on Tuesday that Citi had launched a public offering for its remaining 8.1m shares. Shares in Primerica fell 93 cents, or 4 per cent, to $22.29 during late afternoon trading in New York....
...Citigroup faced this problem when it moved to sell off Primerica....
...Primerica sells financial products through a network of individuals rather than brokers or wealth managers....
...Primerica fell 2.3 per cent to $23.47 after Citigroup said it was offering at least 12m shares in the life-insurance business it took public about a year ago....
...However, Primerica, a retail financial products group spun-off from Citigroup, raised $320m in April and saw its shares jump 31 per cent on the first day of trading....
...Citigroup will close a chapter in its troubled history on Wednesday with the spin-off of Primerica, its door-to-door insurance unit, in a move that will raise about $250m and should enable the US bank to...
...Citigroup is to sell up to $330m worth of shares in Primerica, its door-to-door insurance unit, to Warburg Pincus, in a move that could help pave the way for the unit’s listing....
...Primerica shares will trade on the New York Stock Exchange under the symbol “PRI”....
...Primerica had revenues of $2.2bn and net income of $495m last year....
...Primerica shares rallied 31 per cent higher to $19.65....
...About 21m Primerica shares were sold for $15 apiece before markets opened on Thursday, exceeding the offer range of $12-$14 per share....
...Executives at Primerica, whose main asset is an army of 100,000 insurance salespeople, will take up two board seats....
...Mr Weill acquired Primerica in 1988 when he was running Commercial Credit, for around $1.7bn in cash and shares....
...Mr Armstrong in 1989 joined the board of Primerica, a Citi predecessor Sanford Weill would eventually transform – through a series of bold acquisitions – into Citigroup, once the world’s largest financial-services...
...Last week, Citi announced that Warburg Pincus would invest up to $330m in the listing of its Primerica insurance unit....
...Corporation, which including the recently purchased Smith Barney brokerage firm 1991 After turning around Smith Barney, Mr Dimon becomes president of Primerica 1993 Primerica merges with Travelers Insurance...
...Citi would, however, seek to dispose of some of the risky securities and consumer finance businesses, including subprime mortgages and the Primerica door-to-door insurance salesforce, that came with Travelers...
...He bought Primerica, which owned another broker, Smith Barney, and later re-acquired Shearson from AmEx....
...The bank recently sold a 51 per cent stake in its US brokerage to Morgan Stanley and placed all the non-core assets it wants to divest, such as the US consumer finance business and its insurance division Primerica...
...As the bank redraws the boundaries of its core business, dealmakers expect it to give greater consideration to the sale of CitiFinancial, Primerica, and a range of other tangential global operations....
...Assets that could be sold include Primerica, Citi’s US-based insurance sales business, as well as retail banking operations in Germany and Brazil....
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