Citigroup Inc. - C STOCK NEWS

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.

Citi Issuer Services has been named as the depositary bank for Super Hi International Holding 's (HDL) ADR program. HDL, known for operating the Haidilao hot pot restaurant chain, listed its ADRs on the Nasdaq under the ticker 'HDL'. The IPO price for each ADR, representing ten ordinary shares, is set at $19.56, totaling $52.7 million (excluding over-allotment options). This collaboration highlights Citi's extensive cross-border capabilities and its commitment to providing superior ADR services. Citi Securities Services manages approximately $24 trillion in assets and offers a comprehensive suite of services globally.

Citigroup has announced the redemption of $1.5 billion of its 4.140% Fixed Rate/Floating Rate Notes and $500 million of its Floating Rate Notes, both due in 2025. The redemption date is set for May 24, 2024. The redemption price will be par plus accrued and unpaid interest up to the redemption date. This move aligns with Citigroup's strategy to optimize its funding and capital structure. From the redemption date, interest will no longer accrue on these notes. Citigroup will continue to evaluate opportunities for redeeming or repurchasing securities based on economic, regulatory, and market conditions.