Citi were leaders in the convergence of financial services in 1993 when they purchased Travelers Insurance.  They have gone full circle now, having sold Travelers to MetLife, and now selling the trademark red umbrella back to Travelers. 

So what does this mean for Citi as they now call themselves.  this article speculates with the recent purchase of Egg Bank that they are focussed on broad based distribution and integrated channels now, instead of marketing partnerships of different brands.

Citi’s announcement earlier this month that it will acquire Egg, the U.K.-based online banking provider, can be viewed as recognition that distribution is going to be more about integrated channels than about traditional marketing partnerships. Time will tell whether the Egg deal will work better for Citi than the Travelers acquisition did. But folding the umbrella shouldn’t be seen as a concession.

Source: Bank Systems & Technology : What Are the IT and Distribution Implications of Citigroup’s Rebranding Initiative?