Tags: citigroup | primerica

Citigroup Sells Remaining Stake in Primerica

Tuesday, 13 Dec 2011 05:50 PM

Citigroup Inc., the third-biggest U.S. bank, sold its remaining stake in life insurer Primerica Inc. for $180.1 million as Chief Executive Officer Vikram Pandit completes the bank’s exit that started almost two years ago.

Citigroup sold about 8.1 million shares in a public offering, the Duluth, Georgia-based insurer said Tuesday in a statement. The firm sold the shares for $22.29 apiece. Primerica last month agreed to buy back 8.92 million shares held by New York-based Citigroup for $22.42 a share, or about $200 million.

Pandit has been reducing the bank’s stake in Primerica since selling a portion in a March 2010 public offering. Pandit, 54, included the firm among more than $600 billion of businesses and assets he wanted to sell or wind down after Citigroup took a $45 billion bailout from taxpayers in 2008.

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Citigroup Inc., the third-biggest U.S. bank, sold its remaining stake in life insurer Primerica Inc. for $180.1 million as Chief Executive Officer Vikram Pandit completes the bank s exit that started almost two years ago.Citigroup sold about 8.1 million shares in a public...
citigroup,primerica
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2011-50-13
Tuesday, 13 Dec 2011 05:50 PM
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