NEW YORK, Aug 9 (Reuters) - Citigroup's wealth unit has initiated a process to sell its trust administration and fiduciary services business, the bank said in a statement on Friday.

The plan comes as CEO Jane Fraser is carrying out a sweeping overhaul in an effort to improve the bank's performance, cut costs and simplify its sprawling businesses.

Wealth management is a key growth area in her plan for improving Citigroup profitability. (Reporting by Tatiana Bautzer; writing by Saeed Azhar; editing by Chris Reese)