Citi is looking to raise as much as $100 million from an IPO of Primerica, which markets financial products and counts more than 24,000 licensed mutual fund sales representatives (click here to view the S-1 filing).

Citigroup Global Markets Inc. will act as sole book-running manager for the proposed offering. Citi plans to sell the remainder of Primerica as soon as possible.

"Today's announcement represents an important step in simplifying our organization and demonstrates our continued success in finding solutions for Citi Holdings, our non-core businesses." said Michael Corbat, CEO of Citi Holdings, in a news release on Thursday.

In May of last year, reports began to surface that Citi was on the hunt for a buyer for Duluth, Georgia-based Primerica.

Primerica has relationships with fund firms including Invesco Aim, Van Kampen Investments, Legg Mason and Pioneer Investments.  

Edited by: Armie Margaret Lee


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