Citigroup to buy Synchrony Bank
Next Big Futures: Citigroup, Citigroup Bank, Citiban, Citibank, Citigold article Citigroup will acquire Synchronys bank, the largest bank in the U.S., for $3.4 billion in cash, the Wall Street Journal reported Friday.
The acquisition follows the $3 billion purchase of the New York-based bank by JPMorgan Chase in 2016.
It also follows a $1.2 billion purchase in 2015 by the UBS bank in a transaction that was finalized on Dec. 5.
The Synchronies board of directors will be named shortly, the WSJ reported, citing people familiar with the matter.
The transaction was announced after an agreement was reached between Citigroup and JPMorgan and the deal is expected to close in the second half of 2021, the report said.
The bank, based in New York City, had its shares listed on the Nasdaq Stock Market under the symbol CIM, which stands for Central Intelligence Mutual Funds.
Synchronous has been in business for more than 50 years.
It is a unit of the UBC Group, a British bank that was founded in 1868 and which is one of the largest banks in Europe.
It has more than 500 branches and employs about 2,300 people in Europe, the Middle East and Africa.
Synches global reach has grown in recent years to include banking in more than 70 countries, and it has expanded into retail, energy, retail finance, consumer goods, health care and other areas, it said.