Citigroup to Acquire Grupo Argentaria's Stake in Siembra

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 to Acquire Grupo Argentaria's Stake in Siembra Buenos Aires — Citigroup announced today that it has reached an agreement with Grupo Argentaria to acquire the remaining 50 percent stake in Siembra Group (Siembra AFJP, Siembra Seguros de Retiro and Siembra Seguros de Vida), the Argentinian retirement services group. Founded in 1994, Siembra currently manages $3.2 billion and ranks among the top four pension companies in Argentina. Siembra's operations include a pension fund company, a life insurance company, a voluntary retirement and annuities company, and a small distribution company. Grupo Argentaria acquired its stake in Siembra in 1998. The Citigroup acquisition is expected to close in the first quarter 2000. Terms were not disclosed. "As a wholly-owned subsidiary, Siembra will be better positioned to access the full resources and knowledge base of the Citigroup organization, to enhance its service to customers and support its continued growth," said Luis Rodríguez Villasuso, Business Manager of Global Retirement Services for Latin America. "The decision to purchase the remaining equity of Siembra is consistent with Citigroup's strategy to increase its participation in emerging markets pension fund privatization and build its retirement services business," continued Mr. Rodríguez Villasuso. The pending acquisition follows the announcement by Citigroup that it is increasing its ownership in Garante to 91 percent, one of the leading pension fund companies in Mexico. Citigroup also announced in December the creation of CitiStreet, a 50/50 joint venture with State Street Corporation. CitiStreet, a global benefits delivery company, will focus on the defined contribution and total benefits administration markets for corporate and not-for-profit organizations. CitiStreet will provide a broad range of products and services including administrative, outsourcing and investment management services for defined contribution, pension and health and welfare plans, and employee communication and education. # # # 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.