Citi Announces $1.75 Billion Increase to Planned Capital Actions
November 21 2016 - 07:45AM
Business Wire
Citigroup Inc. today announced that it will increase its common
stock repurchase program by up to $1.75 billion. This amount is in
addition to the $10.4 billion in planned capital actions announced
earlier this year, which include an increase of Citi's quarterly
common stock dividend to $0.16 per share and a common stock
repurchase program of up to $8.6 billion. Combined with the
repurchase announced today, Citi’s total planned capital actions
will increase to $12.2 billion. The additional buybacks will allow
Citi to further reduce the amount of its outstanding common shares.
In the past two years, Citi has lowered the amount of outstanding
common shares by 180 million or 6%.
Citi’s Board of Directors has authorized the increase and Citi
has received a non-objection from the Federal Reserve Board
regarding this addition to the planned capital actions requested as
part of the 2016 Comprehensive Capital Analysis and Review
(CCAR).
Michael Corbat, Citi's Chief Executive Officer, said, “We
continue to make strong progress on the factors that will allow us
to deliver the returns our shareholders expect and deserve --
generating consistent earnings, investing in businesses well
positioned to drive growth and continuing to strengthen our capital
planning process. We believe this solid foundation will enable us
to deliver more of the capital we generate from earnings, DTA
utilization and divestments back to our shareholders, while also
positioning our firm for long-term success.”
Repurchases by Citi under the common stock repurchase program
may be effected from time to time through open market purchases,
trading plans established in accordance with U.S. Securities and
Exchange Commission rules or other means, depending on satisfactory
market conditions, applicable legal requirements and other factors.
The common stock repurchase program does not obligate Citi to
repurchase any particular amount of common stock, and it may be
suspended at any time at Citi's discretion.
About 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://blog.citigroup.com | Facebook: www.facebook.com/citi |
LinkedIn: www.linkedin.com/company/citi
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CitiMedia:Jennifer Lowney, (212) 793-3141orInvestors:Susan
Kendall, (212) 559-2718orFixed Income Investors:Thomas Rogers,
(212) 559-5091
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