Citi Statement on 2013 CCAR Planned Capital Actions

Before you go, we thought you'd like these...
Before you go close icon

Citi Statement on 2013 CCAR Planned Capital Actions

NEW YORK--(BUSINESS WIRE)-- 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

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.



Citi
Media:
Mark Costiglio, 212-559-4114
Shannon Bell, 212-793-6206
or
Investors:
Susan Kendall, 212-793-1298

KEYWORDS:   United States  North America  New York

INDUSTRY KEYWORDS:

The article Citi Statement on 2013 CCAR Planned Capital Actions originally appeared on Fool.com.

Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.

Read Full Story

Want more news like this?

Sign up for Finance Report by AOL and get everything from business news to personal finance tips delivered directly to your inbox daily!

Subscribe to our other newsletters

Emails may offer personalized content or ads. Learn more. You may unsubscribe any time.

From Our Partners