The deal will allow the financial instituion to “to focus…resources on areas that will create impact for our global clients and drive growth.”

(Reuters) - Professional services provider JTC said on Monday it has agreed to buy Citigroup's global fiduciary and trust administration services business for $80 million.

Global professional services provider JTC has announced its intended acquisition of Citi Trust, the global fiduciary and trust administration services business. The deal for Citi Trust will bolster JTC's existing footprint and boost its position as an independent provider of global trust services.

Global professional services provider, JTC, is to acquire Citi Trust, the global fiduciary and trust administration services business, from Citigroup.

Citigroup Inc. C has agreed to divest its global fiduciary and trust administration services business, Citi Trust, to JTC, one of the global professional services providers, for $80 million. This strategic move aligns with the bank’s focus on concentrating resources in areas that drive growth in its wealth business.

Professional services provider JTC announced on Monday that it will acquire Citigroup’s ($C) global fiduciary and trust administration services