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Citigroup Pays $41 Million to Sponsor NYC Bike-Share Program

Citigroup Inc. agreed to pay $41 million to sponsor New York City’s bicycle-rental program, which Mayor Michael Bloomberg said will be the largest such system in the U.S. when it begins in July.

The Citi Bike program, presented by the mayor and Citigroup Chief Executive Officer Vikram Pandit at City Hall today, will offer 10,000 bikes branded with the New York-based bank’s logo at 600 docking stations in Manhattan, Brooklyn and Long Island City, Queens.