Citigroup Spins Off Primerica In IPO

Law360, New York (November 6, 2009, 12:45 PM EST) -- Citigroup Inc.'s life insurance subsidiary Primerica Inc. will make an initial public offering of 100 million shares of its stock, as part of the banking giant's continued efforts at selling units outside its primary business.

Citigroup plans to sell its remaining interest in the Georgia-based company “as soon as it is practicable,” the company said in a statement Thursday.

“Today's announcement represents an important step in simplifying our organization and demonstrates our continued success in finding solutions for Citi Holdings, our noncore businesses. We believe this...
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