The
American banking group Citigroup is to sell
the bulk of its national and international life
insurance activities, by selling its life insurance
company Travelers Life & Annuity, to the
insurance company MetLife in deal valued at
11.5 billion dollars (8,9 billion euros) .
MetLife will pay 3 billion dollars (2,3 billion
euros) in shares and the balance in cash to
Citigroup. Following this transaction, MetLife
will move from second to first place on the
life insurance market in the United States.
Citigroup, which will keep only its life insurance
activity in Mexico, is to refocus on its banking
activities, increasing its reserves with a view
to further international expansion.
