Citigroup Inc is shedding its red umbrella and the word "group" as it launches a new branding campaign.
The largest US bank, which is headquartered in New York, said that future signing, marketing and advertising would feature just the "Citi" name topped with a red arc.
In the past, most of the bank's businesses used the full name "Citigroup" followed by a red umbrella.
The new logo would be used worldwide, the bank said in a statement.
Chairman and chief executive Charles Prince said in the statement that "our unified brand represents the promise to serve our clients as one company, as one Citi."
He noted that Citi, which had been in increasing use by Citigroup's retail banking division, "is already among the most recognized and respected brands in global financial services."
The bank also announced that it would sell to The St. Paul Travelers Companies, Inc the trademark red umbrella that a precursor of Citigroup had acquired with its purchase of Travelers in 1993. Citigroup in 2002 spun off Travelers Property Casualty Corp in a US$5 billion initial public offering. Travelers Property merged with St. Paul Cos Inc in 2003 to create The St. Paul Travelers Cos, based in St. Paul, Minnesota.
The price was not disclosed.
Net proceeds would be used to offset the future costs of implementing the unified brand, Citi said. Prince has been under pressure from investors and analysts to hold down expenditures.
St. Paul Travelers, meanwhile, said that after closing of the transaction for acquiring the umbrella logo, the company would change its name to The Travelers Companies Inc and begin trading on the New York Stock Exchange under the new stock symbol "TRV." It currently trades under the symbol "STA."
"The red umbrella is one of the great American business icons. It's a familiar representation of protection and insurance that is in sync with our customers' ever-changing needs," St. Paul Travelers' chairman and chief executive officer Jay Fishman said.
"Bringing back the umbrella and changing the company name will further advance the highly regarded Travelers brand," Fishman said.
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