Citycorp is a US bank which operated around the world in more than 70 countries merged with Travelers one of the most important insurances company’s around the world. That deal was made by a stock swap operation where Travelers purchased all the Citycorp stock for 70 billion of dollars and replaced each stock of Citycorp with 2,5 stocks of the new company (City) which means that the shareholders of the both companies will own about the half of the new company.

After the merge City became  the biggest financial company in the world. the  merger  just was possible because some US laws about mergers between financial conglomerates and banks become more flexible because the pressure from those giants to the US congress, besides the merger was not totally successful because the insurance department of City keep working by itself because the lack of synergy between Citycorp and Travelers