Key Developments For Citigroup Inc.
Citigroup Inc. (C) (NYSE Arca)
Brazil Finance Minister Denies Knowledge Of Citigroup Inc. Offer-DJ
Dow Jones reported that Brazil Finance Minister Guido Mantega said he knew nothing about an offer by Citigroup Inc. to sell a stake at the height of the global financial crisis. There was no offer by Citigroup Inc., Mantega said on the sidelines of a press conference on auto tax incentives, referring to the Citigroup Inc. unit. At least I had no knowledge of it. If there were an offer it was for the private sector. For the public sector nothing was offered, I know nothing about it, he said. Earlier Tuesday Brazil Energy Minister Edison Lobao said the parent Citigroup Inc. had asked the Brazilian government to buy a stake in it as the bank was seeking a cash infusion. However, Lobao admitted that he wasn't involved in the negotiations nor had he exact details of the possible deal.
Fed Asks U.S. Banks Including Citigroup Inc. To Submit TARP Repayment Plans-Reuters
Reuters reported that the U.S. Federal Reserve this month asked banks that were part of its 'stress tests' to submit plans to repay government money, if they have not already repaid it. Many U.S. banks are eager to repay money borrowed under the government's $700 billion Troubled Asset Relief Program. Participation in the program comes with limitations on pay, dividend payouts and share repurchases. Nine banks may soon be allowed to repay money borrowed under TARP, if they have been able to raise common equity recently and if they show they would continue to exceed capital buffers after redemptions. The stress tested banks that remain in TARP include Bank of America Corporation, Citigroup Inc., Fifth Third Bancorp, GMAC, KeyCorp, PNC Financial Services, Regions Financial Corporation, SunTrust Banks, Inc. and Wells Fargo & Co.
Citigroup Inc. Asked Brazil To Buy Stake In Bank-DJ
Dow Jones reported that Brazil's Energy Minister Edison Lobao said Citigroup Inc. asked the Brazilian government to buy a stake in it early this year as the bank was seeking a cash infusion. The Brazilian government was offered to buy (stock) by Citigroup Inc. during the financial crisis, Lobao said after a presentation at the Brazilian American Chamber of Commerce. Lobao said that the negotiation occurred probably in the beginning of this year. After the government analyzed the deal, we decided to decline the offer, he added.
Citigroup Inc. Sells Diners Club North America Business
Citigroup Inc. announced that it has signed a definitive agreement to sell its Diners Club North America card business to BMO Financial Group (BMO). The deal gives BMO exclusive rights to issue Diners cards in the U.S. and Canada. Terms of the deal were not disclosed. The sale is anticipated to reduce Citi's assets in Citi Holdings by approximately $1 billion and is not expected to have a material impact on Citi`s net income or capital ratios. The transaction is expected to close by March 31, 2010.
Citigroup Inc. Provides $15 Million In Financing To Renovate Bedford Stuyvesant's Restoration Plaza
Citigroup Inc. announced that it is providing $15 million in financing for the renovation of Bedford Stuyvesant Restoration Corporation's Restoration Plaza. The financing will consist of an $11.4 million short term bridge loan and a $4 million New Markets Tax Credit Investment. Citi also announced it has donated an additional $200,000 to the Centers for Financial Empowerment in partnership with the Bedford Stuyvesant Restoration Corporation (BSRC).
