CITIGROUP PLANS TO BUY BACK UP TO $1.2B STOCK, MAINTAIN 1C DIV
(The following press release from Citigroup was received by e-mail and was reformatted. The sender verified the statement.)
For Immediate Release Citigroup Inc. (NYSE: C) March 14, 2013
CITI STATEMENT ON 2013 CCAR PLANNED CAPITAL ACTIONS
New York - Citigroup today announced that the Federal Reserve Board (FRB) has advised Citi that it has no objection to the planned capital actions requested by Citi as part of the 2013 Comprehensive Capital Analysis and Review (CCAR).
The planned capital actions include a $1.2 billion common stock buyback program through the first quarter of 2014 and the maintenance of current common stock dividends ($0.01 per share per quarter). Any repurchases of common stock and common stock dividends remain subject to approval by Citigroup's Board of Directors.
For more information on Citi's release of certain disclosures required by the rules of the FRB in connection with the 2013 annual supervisory stress tests, please visit Citi's website at www.citigroup.com/citi/investor<http://www.citigroup.com/citi/investor>.
Michael Corbat, Citi's Chief Executive Officer said, "We are pleased that Citi will be able to return additional capital to shareholders. Over the past several years, we have rebuilt Citi's capital base and strengthened our balance sheet as well as shed assets and businesses not core to our strategy. We remain focused on our clients and allocating our resources to where they can provide the best returns and generate consistent, high-quality earnings."
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.
Additional information may be found at www.citigroup.com<http://www.citigroup.com> | Twitter: @Citi | YouTube: www.youtube.com/citi<http://www.youtube.com/citi> | Blog: http://new.citi.com | Facebook: www.facebook.com/citi<http://www.facebook.com/citi> | LinkedIn: www.linkedin.com/company/citi<http://www.linkedin.com/company/citi>
Media: Mark Costiglio (212) 559-4114
Shannon Bell (212) 793-6206
Investors: Susan Kendall (212) 793-1298