Citi’s wealth unit selling its trust business: report

The bank has been on a selling spree since 2022.

Citigroup’s wealth unit is selling its trust administration and fiduciary services business, the bank said in a statement.

"To enhance our focus on delivering the wealth structuring advice that matters most to our global clients, Citi Wealth has initiated a process to sell our trust administration- fiduciary services platform,” the bank said, reports Reuters, based on a statement released on 9 August 2024.

The move is the latest in a series of sales made by Citi since 2022.

Citigroup has been selling its international retail banking businesses across a dozen markets and decided to close its municipal securities business early in 2024.

Read more from Reuters.

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