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Letter to the Editor

Citigroup to Spin off Travelers in IPO

NEW YORK -- Citigroup plans to spin off its roughly $4 billion property casualty insurance unit Travelers in an initial public offering next year.

Citigroup, the largest financial services company in the U.S., will offer up to 20 percent of the company in an IPO in the first quarter, with the proceeds going to Citigroup as well as a $1 billion dividend. Before the end of the year, Citigroup will spin off 80 percent of the company in a tax-free deal to shareholders. The move by Citigroup CEO Sandy Weill is somewhat surprising, since it was through Travelers, acquired in 1993, that Weill originally acquired Citigroup in April of 1998 in a deal worth about $70 billion.

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