Salomon Swapco Inc
To Our Clients
assets at year-end 1997 of almost $700 billion,
net revenues of nearly $50 billion, operating
income of approximately $7.5 billion and equity
of more than $44 billion. Its market
capitalization would rank it number one among
the world's financial services companies.
The combination will be effected through a
merger of Citicorp into Travelers Group, which
will apply to the Board of Governors of the
Federal Reserve System to become a bank
holding company. The transaction is subject to a
number of regulatory approvals, including the
Federal Reserve Board, several state insurance
commissions and various other bodies, as well as
approvals by shareholders of both companies. It
is expected to close sometime in the third
quarter of 1998.
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Salomon Swapco Inc
To Our Clients
During the first quarter, Swapco's portfolio
growth continued unabated. The notional value
of the book was up to $257.3 billion at March
31, a 10% increase over the year-end 1997 level.
Outstanding trades were up to 4,568, also a 10%
increase. At March 31, we had signed master
swap agreements with 326 counterparties, up
from 317 at December 31, 1997.
If you have questions about Swapco, please
contact any of the representatives listed on page
24 of this interim report.
Yours very truly,
Thomas W. Jasper
Chairman of the Board
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