Citigroup Inc. - C STOCK NEWS

Citi has announced the acquisition of its consumer banking business in Bahrain by Ahli United Bank B.S.C. (AUB). This transaction marks the ninth sale by Citi in the APAC and EMEA regions as part of its strategy refresh. The deal, subject to regulatory approvals, includes retail banking, credit card, and unsecured lending businesses, while institutional clients will continue to be served by Citi. Upon closing, Citi anticipates a small contribution to a $7 billion release of tangible common equity from exiting 13 markets.

The Board of Directors of Citigroup has declared a quarterly dividend of $0.51 per share on its common stock. This dividend is payable on May 27, 2022 to stockholders of record as of May 2, 2022. Additionally, several preferred stock dividends were announced, including payments for Series D, J, K, M, P, W, X, and Y, payable in May and June 2022. These dividends reflect Citigroup's commitment to returning value to shareholders.

Citi, in collaboration with Imperial College London, has launched its revamped Digital Money Index, now tracking 113 countries—up from 84 in previous years. This eighth edition categorizes countries into four clusters based on their digital readiness: Incipient, Emerging, In-transition, and Materially Ready. The report emphasizes the importance of a holistic digital policy, which focuses on digital infrastructure, adoption, service innovation, and trust. Countries with strategic investments, like Malaysia and UAE, showed substantial progress.

Citi has released a report titled Metaverse and Money: Decrypting the Future, estimating the target addressable market for the Metaverse economy at over $10 trillion. The report indicates potential users could range from 1 billion (using VR/AR devices) to 5 billion (mobile users). It discusses the challenges of accessing an immersive internet experience, including the need for improved latency and network bandwidth, particularly with only 25% of the global population expected to access 5G by 2025. The report also explores the evolving legal and regulatory landscape surrounding digital currencies in the Metaverse.

Citi has been recognized as the leading affordable housing lender in the U.S. for 2021 by Affordable Housing Finance magazine, marking the 12th consecutive year in this position. Citi Community Capital financed approximately $5.64 billion for affordable housing projects in 2021, contributing to over $6.9 billion in lending for affordable projects nationwide. The company has created or preserved nearly 400,000 affordable housing units. Additionally, Citi announced a $1 billion investment in the Action for Racial Equity initiative to support economic mobility.

Citi has agreed to sell its consumer businesses in India to Axis Bank for approximately US$1.6 billion. This includes credit cards, retail banking, and consumer loans. The transaction will involve around 3,600 Citi employees transferring to Axis. The deal is expected to close in the first half of 2023, subject to regulatory approvals. Upon completion, Citi anticipates releasing approximately US$800 million of tangible common equity, part of a broader strategy to exit consumer banking in 13 markets across Asia and EMEA, aiming to release US$7 billion over time.

Citi has announced the sale of its consumer banking businesses in India to Axis Bank for approximately US$1.6 billion, marking the eighth sale in the Asia Pacific region as part of its strategy refresh. The transaction includes key areas such as credit cards, retail banking, and wealth management, and around 3,600 employees will transfer to Axis. This deal will release about US$800 million of tangible common equity for Citi. Expected to close in the first half of 2023, the sale aims to streamline Citi’s focus on institutional clients in India.

The Citi Foundation has launched a historic $50 million Request for Ideas (RFI) to bolster Community Development Financial Institutions (CDFIs) in the U.S. This initiative aims to drive innovative solutions in human capital, financial models, technology, and research. The CDFI sector experienced a 52.3% surge in lending from 2020 to 2021, totaling over $38.7 billion. The deadline for submissions is May 24, 2022, and selected organizations will have the opportunity to apply for funding, reinforcing the Foundation's commitment to supporting underserved communities.