Citigroup to Sell Trust Services Unit to JTC for $80 Million.

Citigroup Inc. is selling its global fiduciary and trust administration services business, Citi Trust, to JTC Plc for $80 million. The move is part of Citigroup's strategy to focus more on wealth planning and investment management. JTC, based in Jersey, will acquire a unit that serves over 2,000 ultra-wealthy clients and manages more than $70 billion in assets. This deal will also expand JTC's presence in the US, where it has recently acquired other American trust companies. [Extracted from the article]