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Citigroup Statement on Re-Submission of 2012 Comprehensive Capital Analysis and Review (CCAR) and Redemption of Trust Preferred



  Citigroup Statement on Re-Submission of 2012 Comprehensive Capital Analysis
  and Review (CCAR) and Redemption of Trust Preferred Securities

Business Wire

NEW YORK -- June 08, 2012

Citigroup Inc. today released the following statement on the re-submission of
its 2012 Comprehensive Capital Analysis and Review (CCAR) capital plan and the
redemption of trust preferred securities issued by Citigroup Capital XII and
Citigroup Capital XXI:

             Statement on Re-Submission of 2012 CCAR Capital Plan

“In March, the Federal Reserve released the results of its hypothetical severe
stress test scenario as part of the 2012 CCAR. The results showed that Citi
comfortably exceeded the stress test requirements without Citi’s proposed
capital actions. However, while the Federal Reserve did not object to Citi
conducting certain capital actions, such as the redemption of trust preferred
securities as described below, and to continue its current dividend, it did
not approve Citi’s request to return additional capital to its shareholders.

“Citi will re-submit its capital plan on Monday, June 11 as required. The
Federal Reserve will act on the plan later this year. As we noted in April,
the Federal Reserve’s schedule requires us to submit our 2013 capital plan in
January. In light of that timing, we have decided not to request any
additional return of capital in the 2012 re-submission. We will make decisions
regarding the 2013 capital plan later this year. In the meantime, we will
continue to build additional capital through earnings and the ongoing
reduction of non-core assets.

“Citi is one of the best capitalized banks in the world. At of the end of the
first quarter of 2012, our Tier 1 Common ratio was 12.5% under Basel I and an
estimated 7.2% under Basel III, Citi is also highly liquid, with close to $500
billion in cash and available-for-sale securities, representing approximately
26% of the balance sheet.

“These strong capital and liquidity levels result from the decisions we made
to make Citi a fundamentally different company today than it was before the
financial crisis. We have overhauled risk management and focused on the basics
of banking, leveraging our unique presence throughout the emerging and
developed markets to serve our clients and the real economy. We have sold more
than 60 businesses that were non-core to our strategy, helping to drive the
approximately 75% reduction in the size of Citi Holdings. At of the end of the
first quarter, Citi Holdings assets were $209 billion, or just 11% of Citi’s
total balance sheet.

“With greatly improved financial strength, a highly liquid balance sheet, and
our strategy showing results, Citi will continue to build its capital levels
for the benefit of our shareholders.”

                   Redemption of Trust Preferred Securities
          Issued by Citigroup Capital XII and Citigroup Capital XXI

Citi also announced the redemption of two series of Citi trust preferred
securities – the 8.500% Fixed Rate/Floating Rate TRUPS issued by Citigroup
Capital XII (CUSIP: 17315D204) (the “Capital XII TRUPS^®”) and the 8.300%
Fixed Rate/Floating Rate Enhanced TRUPS^® issued by Citigroup Capital XXI
(CUSIP: 173094AA1) (the “Capital XXI ETRUPS^®” and together with the Capital
XII TRUPS^®, the “TRUPS^®”). The TRUPS^® are being redeemed, along with the
common securities issued by Citigroup Capital XII and Citigroup Capital XXI
and held by Citi, as a result of the concurrent redemption in whole by Citi of
the junior subordinated debt securities held by Citigroup Capital XII and
Citigroup Capital XXI which underlie the TRUPS^®.

On June 7, 2012, the Board of Governors of the Federal Reserve System issued a
notice of proposed rulemaking addressing, among other matters, Section 171
(the “Collins Amendment”) of the Dodd-Frank Wall Street Reform and Consumer
Protection Act to clarify the timing of when, and in what proportions,
outstanding trust preferred securities issued prior to May 19, 2010 will no
longer qualify as Tier 1 Capital under existing regulatory capital guidelines
applicable to Citigroup. Citi has determined, based on a legal opinion of
counsel, that this notice of proposed rulemaking constitutes a “regulatory
capital event” as defined under the terms of the TRUPS^® and, accordingly,
Citi has the contractual right to redeem the TruPS® (in whole and not in
part). As a result of these redemptions, Citigroup’s Tier 1 Capital is
expected to decrease by approximately $4.9 billion and its Tier 1 Capital
ratio is expected to decrease by approximately 50 basis points. Citigroup’s
Tier 1 Common capital and related Tier 1 Common ratio, under Basel I and as
estimated under Basel III, will not be affected by these redemptions.

The redemption date for the TRUPS^® will be July 18, 2012, and the cash
redemption price paid on the redemption date will equal

  * $25 plus $0.10625 in accumulated and unpaid distributions, per Capital XII
    TRUPS^®; and
  * $1,000 plus $6.2250 in accumulated and unpaid distributions, per Capital
    XXI ETRUPS^®.

Beginning on the redemption date, the TRUPS^® will no longer be considered
outstanding and distributions will no longer accrue on the TRUPS^®.

The quarterly distribution payment on the Capital XII TRUPS^® due June 30,
2012 and the semiannual distribution payment on the Capital XXI ETRUPS^® due
June 21, 2012 will be paid as scheduled.

For further information on these two series of Citi trust preferred
securities, please see the Capital XII TRUPS^® prospectus at the following
address:

http://sec.gov/Archives/edgar/data/831001/000095012310023690/y82934b2e424b2.htm

and the Capital XXI ETRUPS^® prospectus at the following address:

http://sec.gov/Archives/edgar/data/831001/000095012307016845/y43086b2e424b2.htm

Citi

Citi, the leading global bank, has approximately 200 million customer accounts
and does business in more than 160 countries and jurisdictions. Citi provides
consumers, corporations, governments and institutions with a broad range of
financial products and services, including consumer banking and credit,
corporate and investment banking, securities brokerage, transaction services,
and wealth management.

Certain statements in this release, including without limitation Citi’s
ability to build capital through its earnings and the ongoing reduction of
non-core assets and the expected impact of the redemptions on Citigroup’s Tier
1 Capital and Tier 1 Common capital, are "forward-looking statements" within
the meaning of the rules and regulations of the U.S. Securities and Exchange
Commission. These statements are based on management's current expectations
and are subject to uncertainty and changes in circumstances. Actual results
and capital and other financial condition may differ materially from those
included in these statements due to a variety of factors, including but not
limited to the actual completion of the redemptions, the completion of the
final analysis of the capital impact on Citigroup as a result of the
redemptions and the factors contained in Citi's filings with the U.S.
Securities and Exchange Commission, including without limitation the "Risk
Factors" section of Citi's 2011 Annual Report on Form 10-K. Precautionary
statements included in such filings should be read in conjunction with this
release.

Additional information may be found at www.citigroup.com | Twitter: @Citi |
YouTube: www.youtube.com/citi | Blog: http://new.citi.com | Facebook:
www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi

Contact:

Citi
Media:
Jon Diat, 212-793-5462
Shannon Bell, 212-793-6206
or
Investors:
John Andrews, 212-559-2718
or
Fixed Income Investors:
Ilene Fiszel Bieler, 212-559-5091
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