Citi Files Plans To Spin Off Primerica In IPO

Citigroup received $45 billion in loans from the U.S. government, which now owns a 34 percent stake in the bank. It has also received guarantees to protect against losses on more than $300 billion in risky assets.

As part of its efforts to recover, Citigroup is selling a wide range of the assets it acquired over the years as it became one of the world's largest players in banking, insurance and financial services.

Last month, Citi sold its commodities trading unit and its Japanese brokerage. It has also sold some of its credit card assets.

In September, CEO Vikram Pandit confirmed the bank plans to eventually sell the remaining stake in its Smith Barney brokerage venture to Morgan Stanley, which owns the other half. It is also reportedly looking to sell off branches in certain parts of the country.

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