Citigroup, Inc. (C) announced that its subsidiary, Primerica, Inc., has filed a registration statement with the U.S. Securities and Exchange Commission for an initial public offering of up to $100 million of shares.
Primerica, a distributor of financial products to middle income households in North America, did not disclose either the number of shares it intends to offer, nor its price range.
Citi said it intends to divest its remaining interest in Primerica as soon as is practicable, after completion of this offering.
Rick Williams, Primerica co-Chief Executive Officer, said, "Becoming a public company is an opportunity to align the interests of our independent sales force and our employees with our future performance."
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