CitiStreet, the superannuation administration company formed between Citigroup and State Street, has been sold to ING Group.
State Street announced this morning that it and Citigroup Inc had entered into a definitive agreement to sell CitiStreet to ING Group in an all cash transaction valued at $900 million.
The transaction is expected to be completed by the third quarter of this year.
The statement announcing the move said it was consistent with Citi chief executive Vikram Pandit’s focus on divesting non-core assets and strategically re-allocating capital throughout the organisation.
