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Article: United States : Citibank s (NYSE: C) Primerica Financial Services IPO to Be Valued at $1.6 billion, Will Net Citigroup $100 Million.
- Article from:
- TendersInfo
- Article date:
- November 9, 2009
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Byline: babalu03
Primerica Financial Services, which is a life insurance business that Citibank (NYSE: C) owns, plans to sell to shares in an initial public offering, which may have a starting valuation of $1.6 billion, according to an analyst at Fox-Pitt.
Citibank announced yesterday that it would be taking its life insurance unit, one of the bank s original businesses, public in 2010. The stock sale is expected to raise up to $100 million in new capital for Citi, according to a filing that Primerica made yesterday. The number of shares that will be sold has not been disclosed yet.
Primerica received 92% of its pretax profits from its life ...