Wachovia’s Insurance Will Not Be a Part of Citi Deal

A spokesman for the insurance brokerage confirmed that Wachovia Insurance Services Inc. will not become part of Citigroup in the New York-based banking giant's $2.2 billion buyout of Wachovia Corp.'s banking operations.

Published on September 30, 2008

On Monday Wachovia announced plans to sell its retail bank, corporate and investment bank and wealth management businesses to Citigroup, marking the latest deal stemming from the nation’s ongoing financial crisis.

Wachovia, however, will remain a public company with two main operating units, Wachovia Securities and Evergreen Asset Management, it said.

Although Wachovia did not mention WIS as part of the assets being sold or maintained in its statement announcing the deal with Citigroup, a spokesman said the Charlotte, N.C.-based insurance brokerage will remain part of the holding company.