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Business Briefing / Banks

Citi to spin off Primerica in IPO

November 06, 2009|Times Wire Reports

Citigroup Inc. says it filed plans for an initial public offering of its Primerica Inc. life insurance unit and will sell off the rest of the division after it goes public.

Divesting the company is part of Citi's effort to simplify its operations in the wake of the financial crisis. Citi acquired Primerica, which is focused on the middle-income market, in the late 1980s.

Citi will sell all the shares being offered and will receive all proceeds from the IPO.

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