updated 11/23/2004 7:46:33 AM ET 2004-11-23T12:46:33

Citigroup Inc. has agreed to sell a unit that lends to the trucking industry to General Electric Co. for about $4.4 billion in cash.

The business provides financing, leasing, and asset-based lending. It has about 600 employees, two-thirds of whom are in Dallas. The rest are in Toronto.

Citigroup said the divested business doesn't offer viable cross-selling opportunities. The deal is the last in a series of recent sales of leasing businesses at its CitiCapital unit.

Citigroup will recognize a gain of about $90 million from the transaction, which is subject to regulatory approvals and is expected to close as early as the end of 2004.

Copyright 2004 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


Discussion comments


Most active discussions

  1. votes comments
  2. votes comments
  3. votes comments
  4. votes comments

Data: Latest rates in the US

Home equity rates View rates in your area
Home equity type Today +/- Chart
$30K HELOC FICO 3.79%
$30K home equity loan FICO 4.99%
$75K home equity loan FICO 4.69%
Credit card rates View more rates
Card type Today +/- Last Week
Low Interest Cards 13.83%
Cash Back Cards 17.80%
Rewards Cards 17.18%
Source: Bankrate.com