Citigroup to sell trust services unit to JTC for $80 million

Benjamin Girette/Bloomberg

Citigroup is selling its global fiduciary and trust administration services business to JTC as the U.S. bank's wealth arm focuses more on the likes of wealth planning and investment management.

Jersey-based JTC will pay $80 million for Citi Trust, a unit that has relationships with more than 2,000 ultra-wealthy clients and more than $70 billion of assets under administration, according to a statement Monday. The deal is expected to complete in the first half of 2025.

The move will add to JTC's footprint in the U.S., where it has purchased various American trust companies in recent years including First Republic Trust Company of Delaware this summer.