Citicorp and Associates Units to be Headquartered in Dallas
The new global commercial finance business that will result from the combination of Citigroup's Global Equipment Finance and Associates Commercial Operations will be headquartered in Dallas. The combination of the two businesses will result in an enterprise with more than $35 billion in managed receivables, making it the second-largest U.S.-based commercial finance business. The merger of Associates First Capital Corporation and Citigroup Inc. is expected to close by year-end. The new global commercial finance business will continue to operate in fleet leasing, truck, equipment and technology finance, as well as relocation management services. The merged business, which includes Associates Fleet Services, will be managed by Roy Guthrie, currently chief financial officer for Associates First Capital Corp. The new commercial finance business will have approximately 5,300 employees, 87 branch offices and more than 500,000 customers. A new name for the combined entity will be announced shortly after the merger is completed.
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