JPMorgan Chase to Acquire Citicorp Electronic Financial Services

Citicorp Electronic Financial Services (CEFS), a subsidiary of Citigroup, is to be purchased by JPMorgan Chase for $380 million in cash. JPMorgan Chase is targeting a fourth quarter 2003 close for the acquisition. CEFS provides government issued benefits payments and prepaid stored value cards used by state and federal government agencies, as well as stored value services for private institutions. ‘This acquisition is an extension of our existing core cash management and payments business,’ said Lori Hricik, Executive Vice President and Head of JPMorgan Treasury Services. ‘The addition of the Electronic Financial Services business enhances our ability to provide a range of services to public sector clients, which supports our strategy for growth in this segment of our industry.’

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