Subject category:
Strategy and General Management
Published by:
IBS Case Development Center
Length: 8 pages
Data source: Published sources
Topics:
CitiGroup; MetLife; Acquisition synergies; Life and health insurance; Financial supermarket; Citicorp; Glass-Steagall Act; Gramm-Leach-Bliley Act; Robert Benmosche; Distribution network; Joint venture; Smith Barney; Primerica; Strategic fit; Cross selling; Consumer banking investment; Travelers Group
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https://casecent.re/p/66290
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Abstract
Citigroup is the world''s most profitable financial services organisation. During the 1990s, to become a financial ''supermarket'' that offered all financial services under one umbrella, Citigroup diversified into insurance, mortgage and investment banking businesses. However, the company was unable to reap the estimated synergies from this kind of business model. In 2005, Citigroup announced the sale of its insurance business, Travelers Inc, to MetLife, the USA''s largest life insurer. This case study, while highlighting the potential synergies that MetLife stands to gain from the acquisition, provides scope to discuss the challenges facing the successful integration of Travelers with MetLife.
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Abstract
Citigroup is the world''s most profitable financial services organisation. During the 1990s, to become a financial ''supermarket'' that offered all financial services under one umbrella, Citigroup diversified into insurance, mortgage and investment banking businesses. However, the company was unable to reap the estimated synergies from this kind of business model. In 2005, Citigroup announced the sale of its insurance business, Travelers Inc, to MetLife, the USA''s largest life insurer. This case study, while highlighting the potential synergies that MetLife stands to gain from the acquisition, provides scope to discuss the challenges facing the successful integration of Travelers with MetLife.