Citigroup Global Consumer Group announces acquisition

Real Estate Weekly,  Dec 11, 2002  

Tags: acquisition, Citigroup Inc.

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Citigroup's Global Consumer Group recently announced a restructuring of its commercial real estate business with the completion of the acquisition of Golden State Bancorp, parent of Cal Fed Bank. Combined with Cal Fed's commercial real estate business, the new unit will be known as Citibanking Commercial Real Estate.

Deborah G. Adelman has been appointed as president, Citibanking Commercial Real Estate. She also has direct responsibility for the Tri-State Commercial Real Estate region.

Adelman reports to Ajay Banga, executive vice presidentGlobal Consumer Group, and president Retail Banking North America. She formerly served as chief credit and risk officer, Citibanking North America.

Mike Walker, who was executive vice president and director of Cal Fed's Commercial Real Estate Group is now the Chief Operating Officer of Citibanking Commercial Real Estate reporting to Adelman, and has overall responsibility for business strategy, marketing, loan servicing, administration and also coordinates support from the legal and technology groups. In addition to his responsibilities as COO, Walker also has responsibility for the combined Northern California/Nevada region. The Cal Fed Phoenix office reports to Walker.

Tom Lawyer, who was the executive vice president responsible for Cal Fed's Commercial Real Estate Los Angeles division, is responsible for the group's combined business in Southern California, reporting to Adelman. Robert Webster is currently executive vice president and senior managing director of Citi's Commercial Real Estate Group in Illinois and the Mid-Atlantic region (MACB).

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