Orlando, FL -- (SBWIRE) -- 07/10/2013 -- Hot Stock Profits provides investors and traders with valuable trading tools and content as well as micro-cap stock alerts via eMail and text messages. To Join Our Text Message Alerts Service Just Text The Word Stocks To 555888 From Your Cell Phone. Our Focus Today Is On: Citigroup Inc (NYSE:C), Huntington Bancshares Incorporated (NASDAQ:HBAN).
Citigroup Inc(NYSE:C) has freed itself from up to 1.5 billion pounds ($2.2 billion) of liabilities by transferring responsibility for paying the pensions of 20,000 past and present staff of EMI Group to Pension Insurance Corporation.
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This is the largest UK pension risk transfer ever and the bank is paying the specialist insurer an undisclosed fee.
Citigroup had seized the music company in 2011 after private equity firm Terra Firma Capital Partners had defaulted on its loans and was unable to bear EMI's debt. Citigroup went on to sell parts of EMI, but retained the pension fund.
According to the terms of the present deal, all the 20,000 members of the pension fund will receive their full pensions.
Meanwhile, Harry Farver has been appointed as Huntington Bancshares Incorporated(NASDAQ:HBAN)’s chief auditor. Farver, currently serving as interim chief auditor, will report directly to the audit committee of the Huntington Board. He will continue to head internal audit functions and interface with the board and the bank’s executive leadership team on audit matters.
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“Harry has the leadership skills, depth of experience and knowledge of banking needed as Huntington continues to grow,” stated Stephen D. Steinour, chairman, Chief Executive and president of the company. “As interim chief auditor, Harry quickly proved his ability to lead auditing in a large and multi-faceted organization, while also effectively managing risk.”
Farver had joined Huntington three years ago, in the capacity of director of accounting operations. Prior to that, he worked at PricewaterhouseCoopers LLP for more than 12 years, and was senior manager for the assurance practice when he quit. He has also worked as an accounting manager with the former Bank One.
“Huntington has instituted strong audit and risk management practices that are executed by an experienced team,” said Farver, adding that he was “delighted to be spearheading auditing at Huntington.”
Farver is treasurer of The Huntington Foundation. He is also a board member of the Center of Vocational Alternatives in Columbus.
Farver is a BSBA in accounting and finance from Ashland University.
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