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Products April 8, 2001
Citigroup Acquires Stock Benefit Provider AST StockPlan
August 16, 2000 (PLANSPONSOR.com) - Citigroup has
acquired AST StockPlan Inc., a provider of stock benefit plan
services.
Reported by editors@plansponsor.com
The acquisition positions Citigroup to take advantage of
an expanding market for equity-based compensation programs,
including stock options and employee stock purchase plans.
AST StockPlan was founded in 1991 and currently serves some
545 corporate clients, covering more than 645,000
participants, with a particular focus on high tech
companies.
AST StockPlan will remain a separate entity servicing its current clients, though it will work with Salomon Smith Barney’s Stock Plan Services group to leverage their respective systems.
SSB has more than 500 clients, including 11 of the Fortune 25, with over 2 million participants.
The transaction is expected to close at the end of August.
– Nevin Adams editors@plansponsor.com