People Moves
Citi's Private Bank Sells Part Of US Trust Business To Focus On Core Activity
Citigroup’s private bank arm has agreed to sell part of its US trust business to privately-held Reliance Financial in a move to reduce non-core assets.
Citigroup’s private banking arm has agreed to sell part of its
US
trust business to privately-held Reliance Financial in a move to
reduce
non-core assets.
The financial terms of the deal were not disclosed.
Reliance, which is based in Atlanta and provides financial
services and
wealth management, will acquire 100 per cent of the stock of
Citigroup
Trust-Delaware. The acquisition consists
of around 3,000 accounts and $1.7 billion in assets under
administration.
Citi Private Bank reportedly said the assets of the trust
business
that has been sold represent a non-target market.
