Citigroup Acquisition of Afore Garante Completed

Citigroup (NYSE:C), the most global financial services company, provides some 100 million consumers, corporations, governments and institutions in 100 countries with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, insurance, securities brokerage and asset management. The 1998 merger of Citicorp and Travelers Group brought together such brand names as Citibank, Travelers, Salomon Smith Barney, Commercial Credit (now named CitiFinance) and Primerica under Citigroup's trademark red umbrella. Additional information may be found at: www.citigroup.com.


	Printer Friendly Page		FOR IMMEDIATE RELEASE Citigroup Inc. (NYSE symbol: C) February 23, 2000 Citigroup Acquisition of Afore Garante Completed Citigroup increased its ownership from 40 percent to 91 percent Mexico City — Citigroup announced today that its Citibank Mexico has increased its ownership stake in Afore Garante, the Mexican pension fund company from 40 percent to 91 percent by exercising its option to purchase the 51 percent stake held by Banco Serfin. Citibank Mexico announced its intention to exercise the option on December 2, 1999. Terms were not disclosed. Garante, which was founded in late 1996 by Serfin, Citibank and Habitat, is the fourth largest pension fund company in Mexico with 1.7 million clients and $1 billion in assets under management. Habitat will maintain a nine percent stake in Garante. Julio A. Quesada, president and general director of Citibank Mexico, said, "This acquisition confirms Citigroup's commitment to Mexico and to increasing its participation in emerging market fund privatization and retirement services. Through this increased stake, Citigroup will be better positioned to help Garante access Citigroup's global resources in technology and financial services, as well as the pension fund management expertise of its worldwide organization." Citibank is a leader in the management of pension funds in 10 countries in Latin America - Argentina, Chile, Uruguay, Paraguay, Peru, Columbia, Mexico, El Salvador, Panama and the Dominican Republic. Citibank is a global leader in consumer banking and has done business in Latin America since 1914. The company has been in Mexico since 1929 and currently has more than 250 branches throughout the country servicing corporations and consumers. # # # Citigroup (NYSE:C), the most global financial services company, provides some 100 million consumers, corporations, governments and institutions in 100 countries with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, insurance, securities brokerage and asset management. The 1998 merger of Citicorp and Travelers Group brought together such brand names as Citibank, Travelers, Salomon Smith Barney, Commercial Credit (now named CitiFinance) and Primerica under Citigroup's trademark red umbrella. Additional information may be found at: www.citigroup.com.