Welcome to our dedicated page for Citigroup news (Ticker: C), a resource for investors and traders seeking the latest updates and insights on Citigroup stock.
Citigroup Inc. (C) maintains its position as a global financial leader through strategic initiatives across 100+ countries. This news hub provides investors and stakeholders with essential updates spanning corporate banking innovations, market-moving developments, and regulatory milestones.
Access real-time announcements including quarterly earnings disclosures, leadership transitions, and cross-border partnership agreements. Our curated collection features verified press releases alongside analytical perspectives on wealth management trends and institutional banking strategies.
Key coverage areas include capital market activities, US consumer banking updates, and multinational risk management solutions. Track Citigroup's progress in digital transformation initiatives and sustainability-focused financial products through primary source documentation.
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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
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.
Citi has partnered with Stenn, a fintech platform, to enhance its global trade payables finance offerings, introducing deep-tier supplier financing aimed at providing international SMEs with improved access to credit. This initiative addresses a significant $3.7 trillion financing gap for SMEs, extending Citi’s supply chain finance programs to cover deeper levels of the supply chain. Stenn has previously financed over $5 billion for SMEs in 70 countries, making this collaboration essential for increasing financial accessibility in post-pandemic trade environments.
Citi has exclusively engaged women-owned firms as senior co-managers for a $2.25 billion bond issuance, commemorating Women’s History Month. This marks the sixth consecutive year that Citi has prioritized women-owned firms in bond syndication. Notably, all USD bond offerings since 2015 have incorporated minority, woman, or veteran-owned broker-dealers. The transaction, which priced on March 10, consists of 4-year fixed-to-floating rate notes linked to the Secured Overnight Financing Rate (SOFR) and received positive investor reception despite market challenges.
Citi released a report examining the ongoing transformation of the art industry, particularly influenced by NFTs. The report highlights a surge in NFT sales, reaching nearly $25 billion in 2021 and $7.4 billion in January 2022. Art sales have significantly increased, with $2.3 billion sold at November 2021 auctions alone. The Masterworks.io All Art Index reported a 28.2% return from January 2020 to June 2021. It also notes trends towards recognizing diverse artists and the impact of regulatory measures aimed at preventing fraud in the art market.
Citi has launched an innovative cash management solution through IntraFi's Yankee Sweep, enabling institutional clients to sweep deposits into demand deposit accounts at participating U.S. branches of foreign banks. This solution enhances deposit diversification and offers competitive yields, promoting better liquidity management.
Key benefits include competitive yields, diversification, operational efficiencies, daily liquidity, and capital preservation. Citi aims to expand this service in 2022 to enhance client utility further.
