Citigroup Inc. has put Primerica Financial Services Inc. in a new division that holds the company’s non-bank, “non-core” assets.
Citigroup, New York, is putting its core banking operations in a new Citicorp division.
The other division, Citi Holdings, will hold Primerica, Duluth, Ga.
Citi Holdings also will hold other non-banking operations, such as Citigroup’s 49% stake in Morgan Stanley Smith Barney.
Citi Holdings managers “will seek to maximize the value of these [non-core] businesses by running them well, restructuring and managing them through this tough economic cycle, and taking advantage of value-enhancing disposition and combination opportunities as they emerge,” Citigroup says.