E*TRADE Appoints Steven Freiberg CEO
E*TRADE FINANCIAL Corporation announced its board has appointed Steven Freiberg CEO, effective April 1, 2010. Mr. Freiberg, an experienced financial services executive, has held multiple senior level positions over a distinguished 30-year career at Citigroup. Mr. Freiberg, who also will join the Company's Board of Directors, succeeds interim CEO Robert Druskin. Mr. Druskin will remain on the Board, continuing in his role as Chairman.
Citi's Primerica unit files for IPO
Citigroups' life insurance unit, Primerica, filed for an initial public offering of up to $252 million as part of Citigroup's plan to shed assets outside its main banking business. Citi expects to sell 18 million Primerica shares to the public and 17.2 million shares to private equity firm Warburg Pincus, plus warrants. Post-IPO, Citi's stake will be 32%-46%, while Warburg Pincus' stake will be 23%-33%.
MetLife to Pay $1.5 Billion in Policy Dividends
MetLife, Inc. announced today that its life insurance subsidiary,
Metropolitan Life Insurance Company, approved an aggregate payment amount of
approximately $1.5 billion in policy dividend payments to eligible life
insurance policyholders for 2010.
The company says the dividend payout not only reflects MetLife`s financial strength and stability, but also its commitment to its policyholders today and for the future
AIG to Sell AIA to Prudential for $35.5 Billion
American International Group, Inc. announced today a definitive agreement for the sale of the AIA Group, Limited, one of the world's largest pan-Asian life insurance companies, to Prudential plc for approximately $35.5 billion, including approximately $25 billion in cash, $8.5 billion in face value of equity and equity-linked securities, and $2.0 billion in face value of preferred stock of Prudential, subject to closing adjustments.
This deal will provide some of the needed cash AIG sorely needs.
Citigroup Names Zedillo to Board
Citigroup Inc. has named former Mexico President Ernesto Zedillo to its board of directors. Citigroup also said former AT&T Inc. executive Michael Armstrong and Xerox Corp. Chairman Anne M. Mulcahy won’t stand for re-election at the annual shareholder meeting on April 20, Citigroup said today in a statement.
The Citigroup board overhaul continues.
BNY Mellon To Acquire CIBC Mellon Trust Business
BNY Mellon said it has signed a definitive agreement to acquire the corporate trust business of CIBC Mellon. The acquisition is expected to close by the end of the
The acquisition will more than double BNY Mellon's share of the corporate trust market in Canada and expand its leadership position in a number of key segments, servicing domestic and cross-border debt issuances, structured credit and securitizations, government stimulus programs and public private partnership transactions.
Simon Makes $10 Billion Offer for General Growth
Simon Property Group Inc. Tuesday said it has made an offer to acquire General Growth Properties Inc., the real estate investment trust that filed for bankruptcy last year, in a deal valued at over $10 billion, including about $9 billion in cash. The offer includes a consideration to creditors totaling some $7 billion,
B of A Announces Global Capital Markets Leaders
Bank of America Merrill Lynch today announced that Alastair Borthwick and Lisa Carnoy have been named co-heads of the company's Global Capital Markets business. This move follows the recent announcement that Bruce Thompson, former head of Global Capital Markets, has been appointed chief risk officer for Bank of America.
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