Citigroup Inc. - C STOCK NEWS

Citigroup Inc. (NYSE: C) and Apollo (NYSE: APO) have announced a landmark $25 billion private credit, direct lending program in North America, with potential for global expansion. The program includes participation from Mubadala Investment Company as Apollo's strategic partner and Apollo's subsidiary, Athene. This strategic initiative aims to enhance access to private lending capital for corporate and sponsor clients, combining Citi's banking expertise with Apollo's extensive capital base.

The program is expected to finance approximately $25 billion of debt opportunities over the next several years, covering both corporate and financial sponsor transactions. Citi and Apollo anticipate strong client demand and maintain flexibility to expand the program's size beyond the initial $25 billion. This collaboration is designed to provide clients with a range of innovative, private financing solutions to meet their evolving needs and strategic goals.

EVPassport CEO Hooman Shahidi is set to speak at the 2024 Concordia Annual Summit in New York City during UN General Assembly week, September 23-25. The summit brings together public and private sector leaders to discuss global challenges.

Shahidi will participate in a panel discussion titled 'Building Tomorrow: Innovating with Tech and Investment for a Sustainable Legacy' on Tuesday, September 24, at 9:30 A.M. ET. The panel will explore how long-term investment and technology can drive societal impact and sustainability.

The discussion will focus on AI-driven solutions, smart EV charging stations, and other technologies that meet consumer demands while integrating sustainability. Joining Shahidi on the panel will be executives from Citi and Siemens, among others.

EVPassport, a global EV charging network, aims to revolutionize the electric vehicle charging industry with market-driven solutions for sustainable infrastructure.

Citi's latest Securities Services Whitepaper reveals a significant shift towards digital money beyond central bank digital currencies (CBDCs). 65% of respondents plan to use non-CBDC options like stablecoins and tokenized deposits for digital securities settlements by 2026, compared to only 15% planning to use CBDCs. This marks a stark contrast from the previous year when CBDCs were preferred.

The survey, polling nearly 500 market participants, highlights the growing adoption of distributed ledger technology (DLT) and digital assets. Key findings include:

• Asia Pacific and Europe are leading in DLT and digital asset initiatives
• 62% of sell-side respondents focus on tokenization of various asset classes
• 64% of sell-side respondents prefer private networks for asset tokenization
• 44% of respondents cited significant impact from T+1 settlement implementation
• 40% expect real-time, atomic settlement within the next decade

The whitepaper emphasizes the need for modern platforms, reliable data, and real-time information as traditional and digital assets converge.

Citigroup Inc. (C) has announced the full redemption of its Series U Preferred Stock, totaling $1.5 billion in aggregate liquidation preference. The redemption is scheduled for September 12, 2024, with a cash redemption price of $1,000 per Depositary Share. Holders of record on August 30, 2024, will receive a previously declared semi-annual dividend of $25.00 per Depositary Share on the redemption date.

This move aligns with Citigroup's liability management strategy and efforts to enhance its funding and capital structure efficiency. The decision factors in economic value, regulatory changes, potential impacts on net interest margin and borrowing costs, capital impact, and overall market conditions.

Citi Issuer Services, through Citibank, N.A., has been appointed as the depositary bank for NIP Group Inc.'s American Depositary Receipt (ADR) program. NIP, a leading Chinese esports organization, listed its American Depositary Shares (ADSs) on Nasdaq under the ticker "NIPG" on July 26, 2024. The initial public offering was priced at $9.00 per ADS, with a total offering size of $21.89 million. Each ADS represents two Class A ordinary shares of NIP. The company's global footprint spans Asia, Europe, and South America. Citi's selection as depositary bank highlights its cross-border capabilities and commitment to providing high-quality ADR services.

Citi has launched its annual CitiFX Vendor Review, offering a comprehensive analysis of the FX landscape. The review aims to set the gold standard for FX venues, providing insights to help clients navigate the complex market. Key findings from this year's survey of 120 active clients include:

- 87% satisfaction with primary vendors
- 88% have enhancement requests
- Decline in clients seeking new vendors (51% in 2022 to 19% in 2024)
- Focus on improving existing FX management solutions

The review promotes best practices, operational governance, and adherence to the FX Global Code of Conduct. It evaluates vendors across nine criteria, including functionality, connectivity, and customer service. The initiative aims to improve connectivity, product offerings, and market stability for the benefit of clients and market participants.

Citigroup's Board of Directors has declared a quarterly dividend of $0.56 per share on its common stock, payable on August 23, 2024, to stockholders of record on August 5, 2024. The board also announced dividends on various series of preferred stock, including Series M, T, U, V, W, X, Y, Z, AA, and BB, with payment dates ranging from July 30 to September 12, 2024. Dividend amounts for preferred stock vary, with holders of depositary receipts receiving payments between $9.6875 and $31.80 per receipt, depending on the series.

Citi, a global leader in banking and wealth management, operates in nearly 180 countries, providing a wide range of financial products and services to corporations, governments, investors, institutions, and individuals.

Citigroup announced its second quarter 2024 financial results, which are available on the company's website. Additional financial and business information can be found in the Quarterly Financial Data Supplement. Citi will discuss these results in a conference call today at 11 a.m. ET. The replay and transcript of the call will be accessible later. Citigroup operates in over 180 countries, offering a range of financial products and services to corporations, governments, investors, institutions, and individuals.

Citi Securities Services has secured a new mandate from asset manager Nuveen, adding 23 new ETFs valued at approximately US$9 billion to its ETF Services portfolio. These include both transparent and non-transparent ETFs. This mandate enhances Citi’s relationship with Nuveen, a long-standing client. The integration will leverage Citi’s Advanced Citi ETF System (ACES) for automated processing, from basket creation to settlements and daily order management. This expansion signifies Citi’s commitment to providing comprehensive services across its global network, addressing client needs holistically. From 2021 to 2023, Citi has added US$425 billion in ETF assets under administration. Citi’s ongoing investments in its ETF servicing capabilities aim to meet evolving client needs and market changes.