Exhibit 99.5



                    CONSENT OF CITIGROUP GLOBAL MARKETS INC.

We hereby consent to the use of our name and to the inclusion of our opinion
letter, dated November 16, 2003, as Appendix G to, and the reference thereto
under the captions "SUMMARY - Opinions of Financial Advisors -- Travelers
Financial Advisors," and "OPINIONS OF FINANCIAL ADVISORS -- Opinions of
Travelers Financial Advisors -- Citigroup Global Markets Inc. and Lehman
Brothers Inc. -- Opinion of Citigroup" in, the Joint Proxy Statement/Prospectus
of Travelers and The St. Paul Companies, Inc. ("St. Paul"), which Proxy
Statement/Prospectus is part of the Registration Statement on Form S-4 (File
Number ______) of St. Paul. By giving such consent we do not thereby admit that
we are experts with respect to any part of such Registration Statement within
the meaning of the term "expert" as used in, or that we come within the category
of persons whose consent is required under, the Securities Act of 1933, as
amended, or the rules and regulations of the Securities and Exchange Commission
promulgated thereunder.

                                    CITIGROUP GLOBAL MARKETS INC.




                                    By:  /s/ David M. Head
                                        -------------------
                                          David M. Head
                                          Managing Director




New York, New York

December 5, 2003