New York Citi today announced that on December 31, 2010, it had completed transactions with Discover Financial Services ("Discover") and SLM Corporation ("Sallie Mae") that resulted in the divestiture of its student loan business, The Student Loan Corporation ("SLC").
The sales reduce non-core assets in Citi Holdings by approximately $31 billion and, combined with other divestitures in the quarter, are expected to bring Citi Holdings assets to less than 20 percent of Citi's total balance sheet as of the end of the fourth quarter 2010. Citi Holdings will continue to pursue economically rational divestiture opportunities that are in the best interest of shareholders.
As part of the transactions, Citibank, N.A. purchased approximately $8.7 billion of assets from SLC and will explore opportunities to reduce these assets over time.
Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Through Citicorp and Citi Holdings, Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management. Additional information may be found at www.citigroup.com or www.citi.com.
Certain statements in this release, including without limitation the anticipated assets of Citi Holdings by year end, are "forward-looking statements" within the meaning of the rules and regulations of the SEC. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from those included in these statements due to a variety of factors, including without limitation the final analysis of the financial and accounting impact of the completion of the transactions described above on Citi. For additional information on this factor and the other factors that may affect Citi's future results, see Citi's filings with the SEC, including without limitation the "Risk Factors" section of Citi's 2009 Form 10-K, available on www.sec.gov or www.citigroup.com. Precautionary statements included in such filings should be read in conjunction with this release.