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C » Topics » Sale of Citi Street

This excerpt taken from the C 10-Q filed May 2, 2008.

Sale of Citi Street

        On May 2, 2008, Citigroup and State Street Corporation announced that they have entered into a definitive agreement to sell CitiStreet, a benefits servicing business, to ING Group in an all-cash transaction valued at $900 million. CitiStreet is a joint venture formed in 2000, which is owned 50 percent each by Citi and State Street. The acquisition is expected to close, pending customary closing conditions, by the end of the third quarter of 2008. The sale will result in an after-tax gain of approximately $200 million to Citigroup, subject to closing adjustments, which will be recorded at the time of closing.

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SEGMENT, PRODUCT AND REGIONAL—NET INCOME AND REVENUE

        The following tables show the net income (loss) and revenues for Citigroup's businesses on a segment and product view and on a regional view:

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