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-Citi to divest more of Smith Barney.

Global Banking News-June 4, 2012--Citi to divest more of Smith Barney Smith Barney is a division of Citigroup Global Capital Markets Inc., a global, full-service financial firm, that provides brokerage, investment banking and asset management services to corporations, governments and individuals around the world. (C)2012 ENPublishing - http://www.enpublishing.co.uk

Global Banking News - 04 June 2012

According to Bloomberg, Morgan Stanley (NYSE NYSE

See: New York Stock Exchange
: 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 dis·pas·sion·ate  
adj.
Devoid of or unaffected by passion, emotion, or bias. See Synonyms at fair1.



dis·pas
 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.'

[Editorial queries for this story should be sent to gbn@enpublishing.co.uk]

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Publication:Global Banking News (GBN)
Date:Jun 4, 2012
Words:158
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