Sept 16 Reuters Professional services provider JTC said on Monday it has agreed to buy Citigroup39;s global fiduciary and trust administration services business for 80 million.

The unit 39;Citi Trust39; serves over 2,000 ultrahigh net worth clients across seven jurisdictions, including New York, Delaware, Singapore and Switzerland, managing more than 70 billion in assets.

The sale follows Citi CEO Jane Fraser39;s sweeping overhaul to improve the bank39;s performance, reduce costs and simplify its operations. The lender in recent years has divested from multiple international retail banking businesses and closed its municipal securities business.

Londonlisted JTC expects the deal will expand its U.S. footprint. After the transaction closes, it will have over 420 employees across eight U.S. cities.

Fiduciary and trust administration services involve managing assets on behalf of clients, typically catering to highnetworth individuals, families, businesses, and charitable organizations.

Citi first disclosed in August it had initiated the process to sell the business.

Reporting by Manya Saini in Bengaluru; Editing by Vijay Kishore

Source Reuters