JPMorgan buys Citicorp
UK - Custody giant JPMorgan Chase has acquired Citicorp Electronic Financial Services for $380m (£221.6m).
CEFS – which is part of financial services giant Citigroup – is a provider of government issued benefits payments.
JPMorgan expects to complete the acquisition during the fourth quarter. Executive vice-president Lori Hricik said: “This acquisition is an extension of our existing core cash management and payments business.”
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