CITICORP AGREES TO SELL I/B/E/S TO BARRA, INC.
NEW YORK, March 1 /PRNewswire/ -- Citicorp (NYSE: CCI) announced today it has signed a letter of intent to sell its wholly owned subsidiary I/B/E/S, Inc., to BARRA, Inc. The terms of the agreement were not disclosed. Citicorp said that the agreement is part of its continuing program to build capital, including through sales of non-strategic assets. Commenting on the agreement, Andrew Rudd, BARRA's chief executive officer, said, "We believe that I/B/E/S provides a quality proprietary data source with a unique history that will complement BARRA's existing products. We also believe that BARRA's analytical expertise can be used to develop value-added services from the I/B/E/S database." I/B/E/S, headquartered in New York City, develops and markets a database of corporate earnings estimates by U.S. and international security analysts. I/B/E/S sells both print and electronic database products. BARRA, a Berkeley, Calif., investment technology firm, builds mathematical models of the world's capital markets and develops software, driven by these models, for use by a wide variety of financial managers and consultants. BARRA serves over 550 clients in 29 countries and has branches and representative offices in New York, London, Frankfurt, Paris, Hong Kong, Sydney, Tokyo and Montreal. BARRA's clients include equity managers, fixed income managers, global managers, fund sponsors, pension and investment consultants, securities traders and master custodians. -0- 03/01/93 /CONTACT: Richard J. Howe, 212-559-9425; John Eley (investors), 212-559-2479; or Deborah Russell (investors), 212-559-4658, all of Citicorp; or Ron Lanstein of BARRA, Inc, 510-548-5442/ (CCI)
CO: Citicorp; I/B/E/S, Inc.; BARRA, Inc. ST: New York, California IN: FIN SU:
AH -- NY003 -- 1202 03/01/93 08:15 EST
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|Date:||Mar 1, 1993|
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