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  • Citigroup Inc. (NYSE:C) - Deal to Sell More Assets

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    Friday Oct. 29, 2010 at 05:46 am EST
    Citigroup Inc. (NYSE:C) Sells More Assets 
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    Citigroup's private equity funds share will be bought by two private equity firms. The StepStone group will take over Citigroup's $4 billion assests which will include funds, mezzanine funds, feeder funds and co-investment businesses. At the same time, Lexinton Partners will acquire Citigroup's proprietary interests in the same unit.

    Financial terms of these deals, which was signed back in July is not yet disclosed, but the bank reported that this deal will decrease the private equity assest of bank by about $1.1 billion. This deal is a part of Citigroup's planning to cut out the non-core businesses and is being effective with the new financial regulations that put severe restrictions on the ability of banks to make bets with their own money.
    Shares of Citigroup Inc. closed at $4.17 on Thursday at resistance level of $4.25. The resistance levels above are at $4.41 and $4.97. The support levels below are at $4.09, $3.91, $3.87, $3.7.
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