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Citigroup to spin off Travelers

12 April 2012

THREE years after combining two of America's largest financial services companies into a giant one-stop shop, Citigroup chairman Sanford Weill plans to break up and spin off the Travelers insurance unit.

Citigroup said 20% of the Travelers division will be sold in an initial public offering next year, with the remainder spun off to Citigroup shareholders.

The spin-off is dependent upon a favourable tax ruling from the Securities and Exchange Commission.

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