BANKING & FINANCE - Feb. 4, 1993
From Times Staff and Wire Reports
Citicorp to Sell Arizona Unit: Citicorp, the nation’s largest banking company, plans to sell most of the assets of Citibank Arizona to Norwest Corp. for $58 million, the banks announced. Citicorp said that, in evaluating its consumer activities, it decided that Arizona, which it entered six years ago, was no longer a part of its focus. The Arizona unit has 59 locations, $2 billion in deposits and $2.3 billion in assets. Minneapolis-based Norwest already has 32 branches in Arizona. Citicorp said the deal will have “no material financial impact” and should close in the second quarter.
