Citicorp plans to sell a 50% stake in Siembra, Argentina's fourth-largest private pension fund, to Spain's Corporacion Bancaria de Espana, also known as Argentaria.

Citicorp owns all of Siembra. Argentaria, Spain's third-largest bank, said it plans to pay around $280 million for the 50% stake.

The deal would put it "among the main players in the Latin America pension fund market, together with Citibank and other Spanish banking groups," Argentaria said in a press statement.

It said the price is about 10.6 times what its share of projected 1998 would be.

-Compiled by James R. Kraus

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