WASHINGTON - The Federal Reserve Board has given Citigroup Inc. an extra year to divest a few subsidiaries that financial holding companies may not own under current law.

The Fed approved the merger of Citicorp and Travelers Group in 1998 on condition that the resulting company, Citigroup, would have to sell off its insurance underwriting and nonfinancial businesses, which bank holding companies were barred from owning at the time.

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