Citigroup Announces Unified, Global Brand Identity

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Citigroup today announced a corporate branding change that unites its businesses under the well-known "Citi" name and its recognizable red arc design. This decision underscores the company's commitment to bring its businesses together to serve clients worldwide.

The umbrella was one of the most noticeable symbols of the legacy of Sandy Weill, Citigroup's former chairman. The move is likely to be seen by some as an attempt by Mr Prince, who took over as chairman last year, to draw a line under the Weill era. However, Citigroup insiders insist that there are good reasons to dispense with the umbrella.

Charles Prince, Chairman and Chief Executive Officer, said, "Our unified brand represents the promise to serve our clients as one company, as one Citi, It also speaks to our exciting future as a highly connected, responsive, and profitable global leader in financial services."

Citigroup announced that it will sell the trademark red umbrella to The St. Paul Travelers Companies, Inc.The sale is likely to close in March post the approval of Hart-Scott-Rodino approval.

In 2002 Citigroup had spun off Travelers Property Casualty Corp. in a $5 billion initial public offering. The latter then merged with St. Paul Cos. Inc. in 2003 to create The St. Paul Travelers Cos.

Net proceeds from the sale of the umbrella will offset the future costs of implementing the unified brand.

Expressing happiness over the agreement, Prince said, “Our research continued to show that the trademark red umbrella was more connected with insurance, specifically St. Paul Travelers. We are pleased to have entered into this agreement."

While the company will do business as Citi, its legal name will remain Citigroup Inc. In addition, the names of its various affiliated legal entities will not change.