In another indication of the desperate straits in which most US banks find themselves, CitiCorp has agreed to sell the principal financial data processing business units of its Citicorp Information Resources Inc unit in Stamford, Connecticut to systems integrator FIserv Inc. The Milwaukee, Wisconsin company looks for the acquisition to increase its revenue base by about 50%, adding $90m of annualised business, and 500 financial institution customers to its present 900. The seven units to be acquired, on undisclosed terms, are the Commercial Banking Software Businesses in the US and abroad, selling applications on the AS/400; the National Service Product Business, a retail banking bureau on IBM mainframes in Chicago; a Resource Management-Facilities Management Business for banks; the Galaxy 2000 Credit Union Systems Division which runs on Data General kit in Troy, Michigan; the EFT-ATM point of sale services business, which offers cash dispenser and debit card services running on Tandem Computers Inc hardware; the Financial Institutions Consulting Business; and Communications Design Inc marketing communications service.
