Citibank Completes Acquisition of Mellon Bank's Credit Card Business.

NEW YORK--(BUSINESS WIRE)--March 31, 1999--Citibank, a unit of Citigroup, said today that it has completed its previously announced acquisition of Mellon Bank's credit card business. Terms of the transaction, which has received necessary regulatory approvals, were not disclosed.

Under the agreement announced March 23, 1999, Citibank agreed to acquire $1.9 billion in credit card receivables, establish an agent bank relationship with Mellon to market credit cards under the Mellon and Dreyfus brands and to acquire the credit card operations center in Pike Creek, Delaware. This acquisition is in keeping with Citibank's overall strategy to focus on the core strengths of its consumer business.

On Jan. 15, 1999, Mellon announced its plans to sell its credit card business, as well as its mortgage business and network services transaction processing unit as part of an initiative to sharpen its strategic focus on businesses with the highest growth and potential for return to its shareholders.

Citibank is part of Citigroup, the world's most global financial services organization. Citigroup's consumer businesses cover a broad range of financial services in 57 countries - retail and private banking, credit and charge cards, mortgage lending, consumer lending, personal financial planning, personal insurance and investment brokerage and counseling. These services are marketed through Citibank, Commercial Credit, Primerica, Travelers Life & Annuity and Travelers Property Casualty. Today, Citigroup serves more than 100 million customers - including consumers, businesses, governments and financial institutions - in 100 countries and territories.