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Citi Takes Key Step to Restart Texas Muni Business

  • Bank said to verify its compliance with new GOP gun law
  • Citi is said to have sent letter to attorney general’s office
Photographer: David Paul Morris/Bloomberg

Citigroup Inc. is said to have taken a key step to restart its public finance business in Texas by submitting a letter verifying its compliance with a new state law seeking to punish banks that have taken on restrictive gun policies.

The bank sent a so-called standing letter to the Texas Attorney General’s office in October, according to a person familiar with the matter. It is still in conversations with state officials and is not imminently reviving underwriting there, said the person, who declined to be identified because the exchanges are not public.