Citigroup Inc. - C STOCK NEWS

Citi has unveiled a new 7,000-square foot flagship branch in the Tribeca neighborhood of New York City, featuring a state-of-the-art Client Center. The innovative space is designed to adapt for various customer needs, from casual banking to complex investment planning. Equipped with cutting-edge technology, it includes 14-foot sliding screens and areas for personal consultations. Open Monday to Saturday, the branch emphasizes community engagement with amenities like free Wi-Fi and a knowledge library wall. This move reflects Citi's commitment to enhancing customer experiences and fostering local connections.

Citi's Treasury and Trade Solutions has launched domestic instant payments in Brazil, expanding its global footprint to 28 markets. The platform has seen remarkable growth, exceeding 100% in usage over the past year. This service allows institutional clients to send and receive payments instantly, enhancing cash flow and consumer flexibility. The use of API-driven features ensures a unified access point for clients. Collaborations with major companies like Uber and Deliveroo highlight its effectiveness in improving payment processing efficiency.

Citi announced the wind-down of its Korea Consumer Bank, part of a strategic exit from 13 consumer markets in Asia and EMEA. CFO Mark Mason stated that the economics of this decision are better than continuing operations, highlighting potential savings from reduced future operating costs and a release of approximately $2 billion in tangible common equity over time. The bank aims to concentrate on four wealth centers: Hong Kong, Singapore, London, and the UAE, while continuing to invest in institutional franchises.

Citi has announced a partnership with Breakthrough Energy Catalyst to accelerate clean energy technologies, committing an initial equity investment of $50 million. This investment is part of Citi's broader goal to deploy $100 million over five years to support climate technology projects aimed at achieving net zero emissions by 2050. The investment increases the Citi Impact Fund's total resources to $250 million, marking its first major sustainability-focused investment. Catalyst will target key areas including direct air capture, green hydrogen, and sustainable aviation fuel.

Citigroup Inc. announced the redemption of $1.5 billion of its 2.312% Fixed Rate / Floating Rate Notes and $500 million of Floating Rate Notes, both due 2022, with a redemption date set for November 4, 2021. These actions are part of Citigroup's liability management strategy aimed at enhancing funding efficiency and capital structure. The cash redemption price will equal par plus accrued interest, with interest ceasing on the redemption date. Citigroup will continue to assess opportunities for redeeming or repurchasing securities based on various economic and regulatory factors.

Citi has launched its inaugural Social Finance Bond, valued at $1 billion, aimed at financing projects that enhance access to financial services, affordable housing, healthcare, and education in emerging markets.

The bond is part of Citi’s commitment to allocate $1 trillion to sustainable finance by 2030, with a specific goal of supporting 15 million households, including 10 million women, by 2025. The offering is set to settle on November 3, 2021.

Citi has launched an innovative digital bill payment service that facilitates real-time payments for both institutional billers and consumers via the RTP network, marking a first in the U.S. This service enables clients to send electronic bills through Request for Payment (RfP) messages, allowing consumers to pay bills instantly, any time of the day. Benefits include improved cash flow for billers and enhanced control for consumers over their payments, contributing to financial efficiency and reduced overdraft fees.

Citi has announced the wind-down of its Korean consumer banking operations as part of a strategic refocus on its Global Consumer Bank in Asia and EMEA. This decision will release approximately $7 billion in allocated tangible common equity, with $2 billion from Korea. The exit is expected to streamline operations towards four wealth centers: Singapore, Hong Kong, UAE, and London. Citi will continue to support existing clients until contract expiration while halting new consumer banking product sales.