Citigroup to Sell Shares in Primerica Financial in Public Sale

Nov 5th, 2009 - Bloomberg

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Citigroup to Sell Shares in Primerica Financial in Public Sale

Nov. 5 (Bloomberg) -- Citigroup Inc. plans to sell sharesof Primerica Financial Services, one of the bank’s originalbusinesses, through an initial public offering.

The stock sale would initially raise as much as $100million, New York-based Primerica said today in a filing. Thenumber of shares and the price weren’t disclosed.

Chief Executive Officer Vikram Pandit said in January hewould sell, wind down or restructure at least eight businesses.Citigroup, 34 percent-owned by the U.S. government after a $45billion bailout, has been selling units including retailbrokerage Nikko Cordial Securities Inc. Pandit is focusing onretail banking, corporate lending, trading, merger advice,underwriting and payment processing.

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