-Citi to divest more of Smith Barney.
Global Banking News - 04 June 2012
According to Bloomberg, Morgan Stanley (NYSE: MS) is to take a bigger share of Smith Barney, its joint venture with Citigroup Inc (NYSE: C).
Morgan Stanley, which is already the majority owner of the joint venture, is to purchase an additional 14 percent of the company from Citigroup Inc. The price will be decided in the next 90 days.
A spokesperson for Citigroup Inc said, 'Several years ago, after taking a dispassionate look at all of our businesses, we placed Morgan Stanley Smith Barney in Citi Holdings because we decided it was not core to our strategy. Citi has made enormous progress in reducing similar non-core assets in an economically rational manner.'
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|Publication:||Global Banking News (GBN)|
|Date:||Jun 4, 2012|
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