|Bid||69.79 x 4000|
|Ask||69.83 x 900|
|Day's Range||69.16 - 70.09|
|52 Week Range||48.42 - 73.08|
|Beta (3Y Monthly)||1.89|
|PE Ratio (TTM)||9.26|
|Earnings Date||Jan 14, 2020|
|Forward Dividend & Yield||2.04 (2.94%)|
|1y Target Est||82.77|
The week contained enough good news to drive just about any market higher, but instead ended with the Dow Jones Industrial Average lower for the fourth time in five weeks.
Investor sentiment upbeat on banks' Q3 earnings, with the major players displaying top-line strength on the back of higher fee income and loan growth.
Citigroup is the latest company betting on China for growth. Newly appointed Asia-Pacific chief executive Peter Babej has the tough task of manoeuvring between monolithic state-owned banks and fast-moving foreign peers at a time of worsening east-west tensions. Staking a claim for Citi in Chinese securities will be more demanding.
Citigroup has promoted Peter Babej, the head of its financial institutions group, to the position of chief executive for the Asia-Pacific region, the biggest overseas market outside its home base for the American bank.Babej, who joined the bank as co-head of its financial institutions group in 2010 after serving in senior roles at Deutsche Bank and Lazard, will begin transitioning to the new role "immediately", according to an internal memo seen by the South China Morning Post. Babej, who was named sole head of the financial institutions business in 2017, will be based in Hong Kong."Under Peter's leadership, the [Financial Institutions Group] has participated in some of the most significant transactions in the sector, including several Asia-driven mergers and acquisitions," Citi chief executive Michael Corbat said in the memo. "He will draw on his deep knowledge of the financial services landscape in Asia, where we continue to see great opportunities, including fast-growing digital adoption, for which Citi is well-positioned given our footprint and capabilities."The appointment comes six months after Francisco Aristeguieta stepped down in July as Citi's regional CEO to take a role as head of State Street Corporation's international business.Image of Peter Babej, the new Asia-Pacifc chief executive of Citigroup. Photo: Handout alt=Image of Peter Babej, the new Asia-Pacifc chief executive of Citigroup. Photo: HandoutTim Monger has been serving as interim CEO for Asia-Pacific at Citi and will return to his role as chief financial officer for the region, according to the memo.In the third quarter, net income from continuing operations in its global consumer business in Asia rose 10 per cent to US$422 million. Profit from continuing operations in its institutional clients group business in Asia jumped 15 per cent to US$843 million in the quarter. The move to name Babej to head Citi's regional business comes at a challenging time in the region.Mergers and acquisitions in Asia fell to US$599.6 billion in the first nine months of 2019, the slowest pace in five years, according to Dealogic.The weaker merger activity comes as investors and businesses are increasingly concerned about a global economic slowdown and a trade war that has raged between the United States and China for more than a year.Tensions have eased somewhat after US President Donald Trump said the world's two biggest economies had reached a "substantial phase-one deal" following two days of negotiations in Washington last week. As part of the agreement, the US would delay implementation of additional tariffs and Beijing agreed to buy more American agricultural products.Private-equity firms, however, expect the trade war to continue to have the biggest effect over any other factor on deal flows in the Asia-Pacific region in the next 12 to 18 months, according to a new report by the law firm Dechert and financial data provider Mergermarket.Citigroup realigned its corporate banking business in 2016 to take advantage of key corridors in Asia, where trade and capital have historically flowed. The bank said earlier this year that it was a banker to 90 per cent of the Fortune 500 companies operating in Belt and Road Initiative markets.The bank also is proud of the growth of its digital consumer bank in Asia, saying it has seen digital engagement increase by 25 per cent in recent years in the region.This article originally appeared in the South China Morning Post (SCMP), the most authoritative voice reporting on China and Asia for more than a century. For more SCMP stories, please explore the SCMP app or visit the SCMP's Facebook and Twitter pages. Copyright © 2019 South China Morning Post Publishers Ltd. All rights reserved. Copyright (c) 2019. South China Morning Post Publishers Ltd. All rights reserved.
(Bloomberg) -- Dubai’s biggest bank is seeking to raise 6.45 billion dirhams ($1.76 billion) from a rights share offering as it expands abroad and courts more foreigners to its stock.The state-controlled Emirates NBD PJSC plans to offer 758.8 million shares at 8.5 dirhams each, it said in a statement. That compares with its closing price of 13.15 dirhams on Oct. 16 and represents a discount of about 35%. The issue opens Nov. 10 and will close Nov. 20.The shares dropped 3.8% at 12.65 dirhams at 11:31 a.m. in Dubai, dragging the exchange’s benchmark index 1.4% lower. For the year, the shares are up more than 40%.Emirates NBD last year proposed selling new shares to help fund the acquisition of Turkey’s Denizbank AS. The lender plans to use the proceeds of the sale to strengthen its capital base and support growth, according to Thursday’s statement.Lenders in the six-nation Gulf Cooperation Council are trying to broaden the base of their investors as a combination of low oil prices, slowing economic growth and geopolitical upheavals drain inflows.Emirates NBD last month raised the cap on foreign ownership holding in its shares to 20% from 5%, with plans to seek shareholders’ approval to double the new limit. It also raised raised 305 million pounds ($373 million) from the sale of a stake in London-listed Network International Holdings Plc.Read More: Dubai’s Biggest Bank Joins Rivals to Draw Foreign InvestorsEmirates NBD Capital PSC, the bank’s investment banking unit, is managing the rights share offering, while Citigroup Inc., Morgan Stanley, Clifford Chance LLP and Matouk Bassiouny & Ibrahim are acting as advisers.(Updates with share price move in third paragraph.)To contact the reporter on this story: Arif Sharif in Dubai at firstname.lastname@example.orgTo contact the editors responsible for this story: Shaji Mathew at email@example.com, Alaa ShahineFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
American multinational financial services corporation Citigroup Inc. (NYSE: C) has appointed Peter Babej as the new chief executive officer of its Asia Pacific region, a memo sent to staff by Citi global CEO Mike Corbat shows. Babej previously served as the bank’s global head of financial institutions group.
Citigroup has appointed Peter Babej as its new chief executive for Asia-Pacific, an increasingly important region for the US bank, which is seeking to grow its presence in mainland China. Mr Babej joined the bank in 2010 and has been the head of Citi’s financial institutions group for the past two years, based in New York. In that role he was involved in a number of sizeable transactions in Asia, including last year’s financing round for Ant Financial.
Citigroup Inc has named Peter Babej, the U.S. bank's global head of financial institutions group, as its new Asia Pacific chief executive officer, according to an internal memo seen by Reuters on Thursday. Babej joined Citi in 2010 as co-head of the financial institutions group after having previously worked at Deutsche Bank and investment bank Lazard , according to the memo sent to staff by Citi global CEO Mike Corbat.
Citigroup Inc has named Peter Babej, the U.S. bank's global head of financial institutions group, as its new Asia Pacific chief executive officer, according to an internal memo seen by Reuters on Thursday. Babej joined Citi in 2010 as co-head of the financial institutions group after having previously worked at Deutsche Bank and investment bank Lazard, according to the memo sent to staff by Citi global CEO Mike Corbat.
Bank of America earnings topped third-quarter views. Share cleared a buy point early Wednesday but closed below it after attempting to break out the day before.
Citi has signed a purchase and sale agreement for 580 CrossPoint Parkway in the CrossPoint Business Park and approximately nine acres of adjacent land from owner Uniland Development Company. This building purchase is a part of Citi’s Amherst office complex, and demonstrates Citi’s long-term commitment to remain in Western New York. With this transaction, Citi will own the 158,000 square foot building located at 580 CrossPoint Parkway and will extend its lease with Uniland on the conjoined 107,000 square foot building located at 540 CrossPoint Parkway.
Wall Street closed Tuesday's trading session at more than three-week high, thanks to better-than expected third quarter 2019 earnings of mostly major American banks.
(Bloomberg) -- Citigroup Inc. is set to price its second sterling bond this year, after rushing into the market before a European Union meeting that will be key for Brexit.The lender offered the previously unannounced 650 million pound ($833 million) bond just a day after reporting better-than-expected earnings, and as U.K. and EU negotiators seek to hammer out a Brexit accord before a summit starting on Thursday. Optimism that a deal can be reached has bolstered the pound and U.K. assets this week.We “wanted to get ahead of the EU summit given the recent positive tone,” said Tim Michael, a Citigroup bond syndicate managing director.The U.S. bank was able to tighten pricing on the seven-year note by about 10 basis points to 140 basis points above gilts at final terms, Michael said. Citi is the sole bookrunner on the deal.READ MORE: Citigroup GBP650m 7Y UKT+140The offering came amid varying news reports that suggested the Brexit talks were either close to success or near collapse. The pound swung between gains and losses as U.K. Prime Minister Boris Johnson sought a deal that can satisfy EU leaders as well as garnering support from divided U.K. lawmakers ahead of the country’s planned Oct. 31 departure from the EU.Citigroup last sold a syndicated sterling note in January after an almost 10-year absence. It priced the 750 million-pound five-year bond at 175 basis points over gilts. Those notes have since tightened by more than 50 basis points, according to pricing source CBBT.To contact the reporter on this story: Priscila Azevedo Rocha in London at firstname.lastname@example.orgTo contact the editors responsible for this story: Hannah Benjamin at email@example.com, Neil DenslowFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
American shoppers curbed their spending last month, raising new questions about how much longer they can continue to support the economy as global growth falters. Unexpectedly weak Commerce Department data released on Wednesday showed overall US retail sales dipped 0.3 per cent in September, the biggest monthly decline since February. The figures, which fell notably short of the 0.3 per cent increase economists had expected, will give monetary doves more ammunition to press for another Federal Reserve interest rate cut.