Citi unit seeks 'buyers' for marketing arm

NEW YORK: Executives at Citigroup Inc's Primerica Financial Services unit have approached private-equity firms including JC Flowers & Co, Blackstone Group LP, and TPG Inc to gauge their interest in buying the division's 100,000-person sales arm, said four people familiar with the matter.

The executives started the talks after Citigroup failed to find a buyer for the entire life insurance company in the past year, said the people, declining to be identified because the talks aren't public. Citigroup, the recipient of a $52 billion government bailout, hasn't endorsed the plan, the people said.

Citigroup canceled Primerica's annual sales convention and a trip to the Bahamas for top agents after the government rescue last year. Primerica is part of Citi Holdings, created by Citigroup Chief Executive Officer Vikram Pandit to house "non-core" units that he wants to eventually sell or wind down as he undoes the legacy of former CEO Sanford "Sandy" Weill.