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Citigroup Inc. reports developments across a global banking franchise that serves corporations, governments, investors, institutions and individuals in more than 180 countries and jurisdictions. Recurring updates include quarterly results, financial data supplements, segment reporting changes and business activity in Services, Markets, Banking, Wealth and U.S. personal banking.
Citi news also covers capital actions such as common and preferred stock dividends, senior note tender offers and other debt-market transactions. Additional company updates include wealth-management programs, issuer services and depositary receipt mandates handled through Citibank N.A. and related Citi businesses.
Citi’s Issuer Services has been appointed as the depositary bank for Lixiang Education Holding Co.'s American Depositary Receipt (ADR) program. This program was established alongside an initial public offering of ADRs totaling approximately $30.8 million, priced at $9.25 per ADR. Each ADR represents five ordinary shares. The ADRs are listed on NASDAQ under the symbol ‘LXEH’. Citi aims to leverage its global capabilities to enhance service quality for Lixiang Edu’s investors.
Citi expressed disappointment in response to the Consent Orders from the Federal Reserve and the Office of the Comptroller of the Currency. The bank is committed to addressing the identified issues and has ongoing multi-year remediation projects to enhance controls and governance. Over $1 billion will be invested this year towards these initiatives. Despite challenges, Citi reported growth in loans and deposits in the first half of the year, maintaining a Common Equity Tier 1 Capital ratio of 11.6% and a Liquidity Coverage Ratio of 117%. The company aims to fulfill its obligations to stakeholders.
Citi’s Issuer Services, through Citibank, has been appointed by China Yangtze Power Co (CYPC) as the Depositary Bank for its Global Depositary Receipt (GDR) program. This GDR program, linked to a US$1.82 billion IPO, prices each GDR at US$26.46, with potential total proceeds of approximately US$2.01 billion if the over-allotment option is fully exercised. The GDRs are listed under the symbol CYPC on the London Stock Exchange and represent ten A shares each. CYPC aims to enhance its international presence and further develop overseas operations.
Citi has been awarded the mandate to provide ETF services for FinEx ETF, Russia's leading ETF issuer. The agreement encompasses 13 ETFs with $600 million in assets, covering services such as custody, fund administration, and distribution support. Gareth Myburgh, EMEA ETF Services Product Manager, emphasized Citi's unique capabilities in ETF servicing. FinEx's Managing Director, Martin Bednall, noted the importance of Citi's global partnership for investor protection. This collaboration marks the rollout of Citi's advanced ETF technology, ACES, enhancing operational efficiency.
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