Citigroup Inc Stock Price, News & Analysis

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.

Star Mountain Capital, an investment firm with over $4.0 billion in assets under management, has appointed Charles Millard as Senior Advisor. Millard brings over 30 years of experience in economic policy, investment advisory, and wealth management. He has a notable background as Director of the U.S. Pension Benefit Guaranty and as Managing Director and Head of Pension Relations at Citigroup. At Star Mountain, he aims to enhance communications and reporting for investors while showcasing the firm's value to local communities and their role in job creation and innovation. Millard’s expertise is expected to further the firm’s strategy of achieving defensive and premium yield returns from U.S. lower middle-market investments.

Citi (NYSE: C) has partnered with Emirates NBD to introduce a 24/7 USD Clearing service in the Middle East. This collaboration enables Emirates NBD to offer round-the-clock cross-border USD payments to its corporate and retail clients in the UAE and Saudi Arabia. The service eliminates payment flow barriers caused by different weekend schedules and early cut-off times in the UAE and aims to expand globally. Shahmir Khaliq of Citi highlighted the service as a market differentiator, enhancing payment speed, efficiency, and transparency. The initiative supports Emirates NBD’s role in providing innovative services and meeting client needs in key trade corridors.

Citi has introduced Citi Real-Time Funding (RTF), a new addition to its real-time treasury solutions for corporate clients. Initially available in Australia, Hong Kong, and the UK, with plans for further expansion, Citi RTF automates the movement of funds between cross-border accounts based on client-defined rules. This facilitates 24/7 funding, reduces the need for account buffers and borrowing, and enables automated payments both domestically and internationally. According to Citi, RTF will aid in optimizing liquidity, enhance cash forecasting, and streamline treasury processes, especially for companies with lean treasury teams or centralized liquidity structures.

Citi Issuer Services, through Citibank N.A., has been appointed as the successor depositary bank for Iberdrola's sponsored Level 1 American Depositary Receipt (ADR) programme. Iberdrola's ADRs trade on the US over-the-counter market under the symbol 'IBDRY', with each ADR representing four ordinary shares listed on the Madrid Stock Exchange under 'IBE SM'.

Dirk Jones, Global Head of Issuer Services at Citi, highlighted Citi's global presence and investor relations expertise as key factors in their selection. Citi Securities Services manages approximately US$24 trillion in assets and provides a full suite of Custody, Execution, Fund, and Issuer Services. Their Issuer Services division supports depositary receipt programmes in 67 markets, facilitating cross-border capital market access.