Printer Friendly

CITICORP AGREES TO SELL MOST OF THE ASSETS OF CITIBANK (ARIZONA)

 NEW YORK, Feb. 3 /PRNewswire/ -- Citicorp (NYSE: CCI) said today that it has signed an agreement to sell most of the assets of Citibank (Arizona) to Norwest Corporation (NYSE: NOB), subject to regulatory approval.
 The sale is the result of a continuous evaluation of Citicorp's global consumer activities, which determined that Citibank (Arizona) was not essential to the evolution of its national strategic focus. In the last few years Citicorp has realigned certain elements of its consumer business to support a global approach that emphasizes a combination of retail banking, card and private banking services.
 Citicorp said the sale will have no material financial impact.
 Citibank (Arizona) is a state-chartered bank headquartered in Phoenix. It engages in retail and community banking through 59 locations, principally in the Phoenix area. It has deposits of approximately $2 billion and assets of $2.3 billion.
 Norwest Corporation said the acquisition would provide it with an increased presence in Arizona. Today it has three branch banking offices in the state, as well as 15 mortgage offices, 12 consumer finance offices, and two personal trusts offices.
 -0- 2/3/93
 /CONTACT: Susan Weeks (media), 212-559-0580, or Frederick Roesch (investors), 212-559-2715, both of Citicorp/
 (CCI NOB)


CO: Citicorp; Citibank (Arizona); Norwest Corporation ST: New York, Arizona, Minnesota IN: FIN SU: TNM

GK-CK -- NY024 -- 6779 02/03/93 11:15 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Feb 3, 1993
Words:224
Previous Article:NUCLEAR METALS HOLDS ANNUAL MEETING TODAY
Next Article:INGERSOLL-RAND DECLARES REGULAR QUARTERLY DIVIDEND
Topics:


Related Articles
CITIBANK STUDENT LOAN UNIT FILES REGISTRATION STATEMENT
NORWEST CORPORATION SIGNS DEFINITIVE AGREEMENT TO ACQUIRE CITIBANK ARIZONA'S BANKING BUSINESS
CITICORP REPORTS SALE OF MINORITY INTEREST IN TAIWANESE COMPANY
Citicorp selling stake in Plaza?
40 Wall Street sale subject of litigation.
CITICORP ANNOUNCES AGREEMENT TO SELL CITIBANK (MAINE), N.A.
DUFF & PHELPS: CITICORP CREDIT RATINGS PLACED ON RATING WATCH -- UP
CITIBANK CHOOSES DIGITAL TO IMPLEMENT WORLDWIDE CLIENT/SERVER INFRASTRUCTURE
Citicorp's Senior Debt Raised to 'AA-' by Fitch - Fitch Financial Wire -
S&P Assigns 'AA-' Ratings to Citicorp Life Insurance.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters