Shares of Citigroup Inc (NYSE:C) ended Friday session in green amid volatile trading. The shares closed up +0.04 points or 0.08% at $47.15 with 14.79 million shares getting traded. Post opening the session at $47.02, the shares hit an intraday low of $46.83 and an intraday high of $47.46 and the price vacillated in this range throughout the day. The company has a market cap of $137.60 billion and the numbers of outstanding shares have been calculated to be 2.91 billion shares.
On September 23, 2016 Citi announced that it has completed the sale of Financial Reassurance Company 2010, Ltd. (“FRAC”), a special purpose financial insurance company, to a subsidiary of Munchener Ruckversicherungs-Gesellschaft Aktiengesellschaft (“Munich Re”). FRAC reinsures a block of term life insurance policies issued by Primerica Life Insurance Company of Canada, a subsidiary of Primerica, Inc., which were in force as of December 18, 2009.
The transaction resulted in a reduction of approximately $460 million of assets from Citi Holdings’ balance sheet. FRAC was reported as a part of Citi Holdings, which consists of businesses and portfolios of assets that Citigroup has determined are not central to its core franchise. Financial terms of the transaction were not disclosed.
Citi Holdings CEO Francesco Vanni d’Archirafi said, “This transaction is a positive outcome for Citi and joins this business with an industry leader, Munich Re. It also represents yet another step in our strategy to reduce the assets and businesses in Citi Holdings.”
Shares of JPMorgan Chase & Co. (NYSE:JPM) ended Friday session in red amid volatile trading. The shares closed down -0.14 points or -0.21% at $67.25 with 13.97 million shares getting traded. Post opening the session at $67.39, the shares hit an intraday low of $67.18 and an intraday high of $67.90 and the price vacillated in this range throughout the day. The company has a market cap of $244.90 billion and the numbers of outstanding shares have been calculated to be 3.61 billion shares.
On September 22, 2016 Chase announced that it has expanded its relationship with Walmart (WMT) to process payments on ChaseNet, the bank’s closed-loop network, at its 5,000+ Walmart and Sam’s Club locations in the U.S. and at Sam’s Club ecommerce.
ChaseNet offers businesses guaranteed, fixed-rate pricing for Chase Visa® credit and debit payments for the term of the contract. Chase already processes payments for Walmart’s ecommerce channel.
“Engaging Chase with a direct processing relationship has been a priority for Walmart for some time,” said Mike Cook, Sr. Vice President and Assistant Treasurer at Walmart. “Walmart is always looking for innovative ways to improve the payment experience for our customers while also creating competition in the payments industry. We are excited to work with Chase to help our customers save time and money.”
“We are pleased to expand our relationship to offer consumers a convenient, secure payment experience,” said Matt Kane, CEO of Chase Commerce Solutions.