Citicorp merged with Travelers Group in 1998 to form Citigroup.
Citicorp was the banking half of the transaction, while Travelers Group supplied insurance, securities, and consumer-finance businesses. The deal was announced on April 6, 1998, and created one of the world’s largest financial-services companies.
The merger was historically significant because U.S. law then restricted combinations of commercial banking and insurance. The Gramm–Leach–Bliley Act of 1999 later removed those barriers, allowing the structure to continue legally.
A common mix-up is calling Travelers Group the bank. Travelers was the diversified financial-services company; Citicorp was the established banking corporation headquartered in New York.