The Wall Street Journal
Citigroup Sells Colombia Pension Fund To Private Equity Funds
Sept 30--Citigroup SA (C) Tuesday said it reached an agreement to sell its Colombian pension fund Citi Colfondos to a group of private equity funds.
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Francisco Aristiguieta, Citigroup's top executive for Colombia and the Andean region, said in a statement the sale is part of Citigroup's general plan established in January to focus on the company's core business and making value from the sale of non-core assets.
"The transaction is not expected to have a material impact on Citi's net income," the statement said.
The companies didn't disclose the cost of the operation.
The group of buyers is led by local, closely held investment firm Grupo Colpatria SA, New York-based equity fund Palmfund Management LLC and private equity fund Linzor Capital Partners.
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