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Citigroup Buys People’s Unit
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Business New Haven
4/16/2001
By: BNH
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BRIDGEPORT - Citigroup Inc. (NYSE: C) announced on April 6 that it acquired the UK credit-card operations of People's Bank's (NASDAQ: PBCT) for about $526 million, including $426 million in receivables, as the largest U.S. financial services company continued its quest to expand globally.
This transaction represents a further step in our efforts to expand our consumer business globally, broadening our presence in the important U.K. marketplace,'' said Robert Willumstad, Citigroup Global Consumer chief executive.
People's Bank sells loans, banking services and credit cards to individuals and businesses, with more than one-third of its 146 branches in Super Stop & Shop supermarkets.
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