As Citigroup looks to restore confidence and drive up its profits, rumors are circulating that the financial giant has received the first round of bids for its mutual fund and insurance sales unit, Primerica Financial Services.
Although Citigroup has not publicly confirmed that the Primerica is on the block, sources believe a deal may be likely to occur before the end of the summer. A deal seems likely, especially considering the fact that Citibank's CEO Vikram Pandit announced last month that he plans to reduce $500 billion of the bank's non-core "legacy" assets to under $100 billion in the next few years.
While Citigroup was not available to comment, sources close to the matter say that financial giant is in the process of trying to match multiple bidders into groups who might be able to bit for Primerica together currently valued at around $7 billion.
Primerica provides services to 6 million clients throughout the United States, Spain, and Canada and has over 100,000 licensed representatives.