Citi Statement on 2013 CCAR Planned Capital Actions
NEW YORK -- March 14, 2013
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.
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, 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 | Twitter: @Citi |
YouTube: www.youtube.com/citi | Blog: http://new.citi.com | Facebook:
www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi
Certain statements in this press release, including those regarding Citi’s
2013 CCAR planned capital actions, 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 obtaining required approvals, satisfactory market conditions and
any other conditions that may be included in any Citi stock repurchase
program, as well as those factors contained in Citi’s filings with the U.S.
Securities and Exchange Commission, including the “Risk Factors” section of
Citi’s 2012 Annual Report on Form 10-K. Precautionary statements included in
such filings should be read in conjunction with this document. Any
forward-looking statements made by or on behalf of Citi speak only as to the
date they are made, and Citi does not undertake to update forward-looking
statements to reflect the impact of circumstances or events that arise after
the date the forward-looking statements were made.
Mark Costiglio, 212-559-4114
Shannon Bell, 212-793-6206
Susan Kendall, 212-793-1298
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