Growing with America

In the next decades, the firm acquired a major credit insurer and a casualty insurance company. In 1944, we organized an insurance unit that later became American Health & Life Insurance Company. In 1968, Commercial Credit became a wholly owned subsidiary of Control Data Corporation.

Going Public

Wall Street legend Sanford I. Weill assumed control of the operations of Commercial Credit in 1986 and took the company public. Within two years, the company acquired Primerica Corporation, the parent company of several investment, financial services and insurance firms, including the well-known Smith Barney.

Joining the Travelers Group

In 1992, Primerica purchased 27% of Travelers Insurance, a company with one of the most recognizable logos in the U.S. - the red umbrella. Less than a year later, Primerica purchased the remaining 73% of Travelers, which later adopted the name Travelers Group. In subsequent years, Travelers Group acquired Shearson-Lehman's retail brokerage, Aetna's property and casualty business, Security Pacific Financial Services, and Salomon Brothers, creating the nation's third largest investment house - Salomon Smith Barney.

The Creation of Citigroup

In 1998, Travelers Group merged with banking powerhouse Citicorp to create Citigroup, a global financial services company serving 20 million customers worldwide. Citigroup's businesses include asset management, banking, credit and charge cards, insurance, investments, investment banking and trading.

An International Company with a New Name

In 1999, we purchased 128 offices of Texas-based Associates First Capital, giving us more than 2,000 offices in 45 states. We then turned our focus to Canada, buying Associates First Capital offices there. In September, we changed our name to CitiFinancial^® to proudly recognize our affiliation with our parent company and to better reflect what we do today. As a member of Citigroup, we continue to provide you with a full range of exceptional products and services to help you find a financial solution that's right for you. Citigroup is the world's most global financial services company whose other subsidiaries include Citibank, Travelers Life and Annuity, Smith Barney, and Primerica.

A Global Leader in the New Millenium

In November of 2000, Citigroup acquired Associates First Capital Corporation; the largest publicly traded finance company in the U.S. with managed assets of more than $100 billion and 2,750 offices in the U.S. and 13 other countries. The Associates has a particularly strong presence in Japan and in Europe, where it has more than 700,000 customers. This transaction marked a defining moment in Citigroup's history, building upon its leadership position in the global economy.

Spin-off Plans Ensure a Bright Future

At the end of 2001, Citigroup announced its plans to spin off its wholly owned subsidiary Travelers Property Casualty Corporation by selling up to 20% in an initial public offering and spinning off its remaining majority interest on a pro-rata basis to Citigroup shareholders in a tax-free transaction. The initial public offering took place in the first quarter of 2002, with the spin-off concluded at year-end 2002. Citigroup units will continue to offer Travelers Property Casualty products. The spin-off enables Citigroup to focus its resources more fully on higher growth areas of global financial services and, at the same time, positions Travelers Property Casualty as an independent public company.

Crossing Boarders

In the third quarter of 2001, Citigroup purchased Mexico's "Banacci" (Grupo Financiero Banamex-Accival), renamed it Grupo Financiero Banamex and integrated operations in Mexico under the Banamex brand name. It is the largest foreign acquisition in Mexico and largest financial sector deal ever in Latin America.

Expanding our Reach

In the third quarter of 2002, Citigroup completes the acquisition of Golden State Bancorp, parent company of First Nationwide Mortgage and Cal Fed, second-largest U.S. thrift. The transaction enabled Citibank to expand its retail distribution franchise in key California and Nevada markets and add approximately 1.5 million new customers.

Accelerating Growth

In the first quarter of 2004, Citigroup announced the acquisition of Washington Mutual Finance Corporation for $1.25B. The acquisition included 409 WMF offices located in 25 states, primarily in the Southeastern and Southwestern United States. The company has more than 2,300 employees and total assets of approximately $4 billion, as of September 30, 2003. "This transaction, which solidifies CitiFinancial's position as the leading community-based lender in the U.S., exemplifies how we are focusing our proven acquisition capabilities on incremental acquisitions that expand the reach of our businesses both geographically and strategically," said Bob Willumstad, Citigroup President and Chief Operating Officer.