Citigroup Inc. - C STOCK NEWS

The Board of Directors of Citigroup declared a quarterly dividend of $0.51 per share on common stock, payable on February 25, 2022. The dividend is for stockholders of record as of February 7, 2022. Additionally, dividends were declared for several preferred stocks with varying rates and payment dates. Relevant dates include:

• Series A: $29.75 on January 31, 2022
• Series B: $29.50 on February 15, 2022
• Series J: $0.4453125 on March 30, 2022

Citi announced plans to exit its consumer, small business, and middle market banking operations in Mexico, aligning with its strategic refresh aimed at simplifying operations and enhancing shareholder value. The divestiture includes businesses generating approximately $3.5 billion in revenue and $1.2 billion in pre-tax earnings. Despite the exit, Citi maintains a strong institutional presence in Mexico, focusing on wealth management and payments. CEO Jane Fraser emphasized the importance of Mexico and the commitment to invest in institutional banking there.

Citigroup Inc. has announced the redemption of $2 billion of its 3.142% Fixed Rate/Floating Rate Notes due 2023. The redemption date is set for January 24, 2022, where the cash price will equal par plus accrued interest. This action aligns with Citigroup's liability management strategy aimed at enhancing funding efficiency and capital structure. The bank remains open to further redemptions or repurchases based on various economic and regulatory factors, indicating a proactive stance in managing its debt portfolio.

Citi has reached an agreement with UnionBank of the Philippines to acquire Citi’s consumer banking franchise in the Philippines, which includes local credit cards, unsecured lending, and deposit businesses. The deal is valued at approximately PHP45.3 billion (around USD908 million) and involves around 1,750 employees transferring to UnionBank. Upon closing, Citi anticipates releasing $300 million of allocated tangible common equity. This acquisition is part of Citi's strategy to streamline operations in Asia and EMEA.

Citigroup is set to release its fourth quarter results on January 14, 2022, at approximately 8:00 AM (ET). A live webcast and teleconference will follow at 11:00 AM (ET) to discuss the outcomes. Investors can access the press release, webcast, and additional materials via www.citigroup.com/citi/investor. The bank serves around 200 million customer accounts globally and operates in over 160 countries, offering a wide range of financial services including banking, credit, and wealth management.

Citi has been appointed by Accor to serve as the successor depositary bank for its Sponsored Level 1 American Depositary Receipt (ADR) programme. Accor's American Depositary Shares (ADS) trade on the OTC Market under ticker 'ACCYY', with each ordinary share represented by five ADSs. Dirk Jones from Citi expressed enthusiasm for enhancing Accor's investor outreach through their expertise in investor relations and global equity distribution.

Citi and Insigneo have signed a definitive agreement for Insigneo to acquire Citi International Financial Services, LLC and Citi Asesores de Inversion Uruguay S.A. The deal, pending regulatory approvals, involves both the Puerto Rico and Uruguay-based firms. As part of the agreement, Citi will retain existing banking relationships with wealth clients transitioning to Insigneo, which aims to enhance investment services. Insigneo currently manages over $13 billion in client assets, serving more than 13,000 clients worldwide.

Citi announced plans to hire over 100 employees for its global Internal Audit function, establishing Jacksonville, FL, and Wilmington, DE, as new strategic locations. This move aims to enhance Citi's operational capabilities by leveraging local talent and infrastructure. The Internal Audit team, comprised of over 2,000 professionals, conducts independent assessments of governance and risk management, ensuring safe and sound operations. Further details on open roles can be found at www.citicareers.com.

Citi has released a new report titled Global Supply Chains: The Complicated Road Back to 'Normal', analyzing the ongoing challenges in supply chains due to the COVID-19 pandemic. It highlights disruptions caused by factors such as increased demand for goods and macroeconomic stimuli. While pressures are stabilizing, significant improvements are lacking. The report suggests that corporates need to rethink their supply chains, focusing on digitization and local partnerships to better manage inventory and mitigate future shocks.