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Citigroup(C Quote) is selling another piece of its sprawling empire, as the bank continues to retool amid mounting writedowns and losses.
The bank and partner State Street(STT Quote) said they are selling their employee benefits joint venture CitiStreet to ING Group(ING Quote) for $900 million in cash. The deal is expected to close in the third quarter.
CitiStreet, which provides recordkeeping, administration and investment services to more than 16,000 retirement plans and 12 million participants, was formed in 2000 between Citi and State Street. Each company owns 50% of the business, which has $262 billion in assets under administration. ...
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