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Morgan to buy Citicorp unit
0 Comments | Deseret News (Salt Lake City), Nov 30, 2003 | by Associated Press
NEW YORK -- J.P. Morgan Chase & Co. has agreed to acquire Citigroup Inc.'s Citicorp Electronic Financial Services Inc. unit for $380 million in cash.
The unit provides government-issued benefits payments and prepaid stored-value cards used by state and federal government agencies, as well as stored-value services for private institutions.
J.P. Morgan Chase said it's targeting a fourth-quarter closing for the acquisition, which it says strengthens its range of services to public-sector clients.
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Representatives for New York-based financial companies J.P. Morgan Chase and Citigroup weren't available for comment.
Copyright C 2003 Deseret News Publishing Co.
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