Business Services Industry
Federal Reserve Board Approves Citibank-Travelers Merger.
Knight Ridder/Tribune Business News, September, 1998 by Feldman, Amy
Knight Ridder/Tribune Business News
Sep. 24--The Federal Reserve Board yesterday gave a thumbs-up to the mega-merger of Citicorp and Travelers Group, clearing the way for the most-watched corporate marriage in America to go through as early as Oct. 8.
The Fed's unanimous approval was the last remaining regulatory hurdle to the historic $51 billion deal.
Earlier in the day, the Justice Department said it had finished its anti-trust investigation and would not intervene.
The merger will align the nation's second-largest bank with a brokerage-and-insurance giant whose powerful businesses include Salomon Smith Barney.
The resulting $700 billion financial services supermarket will use the moniker Citigroup.
A gleeful...
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