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Acquisition by Citigroup of Principal Residential Mortgage, Inc.
Today, Citigroup announces that it will take over Principal Residential Mortgage, Inc. PRMI, based in Des Moines, Iowa, is one of the United States' leading mortgage service providers. It procures, buys, disposes of and manages mortgage lending mainly comprising traditional, compliant, fixed-interest top mortgage-backed securities. The Principal Financial Group owns it.
Total asset value of the deal is approximately $6.9 billion, including $137 million in deductible premiums. Citigroup's 2004 results are anticipated to be positively impacted and are currently awaiting normal government approval. "Commenting on the announcement, CMI said: "The PRMI deal will strengthen CMI's leadership in private mortgage services and support our commitment to expand our service offering and client relationships.
Citigroup Group ( "Citigroup", NYSE: C), the world's leading provider of personal finance solutions, with approximately 200 million client bank deposits and businesses in more than 100 nations, provides a wide variety of personal and commercial finance solutions and related professional solutions to customers, businesses, government and institutional customers, as well as commercial and institutional clients, and includes commercial and institutional banks, insurers, securities brokers and wealth managers.
Citigroup's most important brands under the Citigroup roof included Citibank, CitiFinancial, Primerica, Smith Barney, Banamex and Travelers Life and Annuity. Some of the forward-looking information contained in this report constitutes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act. Those forward-looking statements speak only as of the date of this report and are therefore forward-looking and involve known and unknown risks and uncertainties.
As a result of numerous different circumstances, it is possible that material differences may arise between the results actually achieved and those presented in these forward-looking statements. 1. Further information regarding these matters is provided in Citigroup's Securities and Exchange Commission filings. 1.
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