Citigroup Inc - C STOCK NEWS

Citi Private Bank released its 2022 Family Office Survey, highlighting family offices' optimism for portfolio gains despite market volatility. Key findings show that 80% expect positive returns in the next year, with 62% anticipating increases of 5% or more. The survey identifies seven themes, including economic concerns like inflation and geopolitical uncertainty. Direct investing remains a focus, with family offices allocating significant portions of their portfolios. The report emphasizes the importance of readiness for leadership transitions amidst anticipated changes.

Citigroup Inc. has announced the redemption of two types of notes totaling $2.15 billion: $1.75 billion of its 2.700% Fixed Rate Notes due 2022 and $400 million of Floating Rate Notes due 2022. The redemption date is set for September 27, 2022. This move is part of Citigroup's liability management strategy aimed at enhancing funding and capital efficiency. Following the redemption date, no further interest will accrue on the notes. Citibank, N.A. serves as the paying agent for both notes.

A recent report by Citi Private Bank and Cambridge Family Enterprise Group outlines essential strategies for family enterprises amidst anticipated turbulence in the coming decade. The study reveals that two-thirds of surveyed families express concern over future challenges impacting leadership transitions. Families are advised to prioritize digital transformation, social impact, and effective governance. The report highlights five key strategies, including reorienting ownership and enhancing family engagement, to equip families for upcoming challenges and capitalize on opportunities.

Citi has been awarded as the Best Global Cash Management Bank and Best Bank for Transaction Services in the Asia-Pacific region by The Banker for its 2022 Transaction Banking Awards. The recognition emphasizes Citi’s investment in its Treasury and Trade Solutions (TTS) platform, aiding large corporations and fintechs. With over 584 million processed instant payments in 2021 and a 129% growth in volume, Citi has expanded its instant payment network across 60 countries. The awards highlight Citi's commitment to enhancing client services amidst macroeconomic challenges.

Citigroup Inc. announced a full redemption of $2 billion of its Floating Rate Notes due 2023, effective September 1, 2022. The redemption reflects Citigroup's liability management strategy aimed at improving funding efficiency and capital structure. The redemption price will be par value plus accrued interest, with interest ceasing to accrue from the redemption date. Citigroup continues to evaluate opportunities for redeeming or repurchasing securities based on several factors, including economic value and market conditions.

Citi has joined the Economic Opportunity Coalition (EOC), launched by the Biden-Harris Administration, to enhance financial inclusion and address economic disparities in the U.S. The coalition aims to align investments from public and private sectors, focusing on underserved communities. Citi has committed over $1 billion in its Action for Racial Equity initiative, totaling $1.1 billion in three years. The EOC will develop products aimed at enhancing economic mobility through investments in community financial institutions.

Citi's Issuer Services has been appointed as the Depositary Bank for the Global Depositary Receipt (GDR) programs of GEM Co., Ltd., Gotion High-tech Co., Ltd., Keda Industrial Group Co., Ltd., and Ningbo Shanshan Co., Ltd. These are the first GDR programs listed under the China-Swiss Stock Connect on the SIX Swiss Exchange. GEM raised US$346 million, Gotion raised US$685 million, Keda raised US$173 million, and Shanshan raised US$319 million through their respective offerings. Each GDR represents multiple A shares from their home exchanges.