Citigroup declares quarterly common and preferred stock dividends

Citigroup has announced a quarterly dividend of $0.56 per share on its common stock, payable on May 23, 2025, to shareholders of record as of May 5. The board also declared dividends for multiple series of preferred stock, with payments ranging from $9.6875 to $29.75 per depositary receipt, depending on the series. Most preferred dividends are scheduled for May 15, with varying record dates.

Citigroup announces issuance of USD275 million exchangeable bonds linked to Hong Kong Exchanges and Clearing Limited

On March 28, 2025, Citigroup Global Markets Holdings Inc. announced the pricing of its USD275 million zero coupon guaranteed cash-settled exchangeable bonds due 2028.

These bonds are exchangeable into the shares of Hong Kong Exchanges and Clearing Limited. The initial exchange price was set at HKD412.9903, representing a 16.25% premium over the reference share price of HKD355.2605.

Citigroup Announces USD275 Million Exchangeable Bond Offering Referable to HKEX Shares

On March 27, 2025, Citigroup Global Markets Holdings Inc., a subsidiary of Citigroup Inc., announced the issuance of USD275 million in cash-settled exchangeable bonds due 2028. The bonds are exchangeable into the value of ordinary shares of Hong Kong Exchanges and Clearing Limited (HKEX), but they will be settled in cash only—not in shares.

The bonds, which will not bear interest, will be issued at 103% of their principal amount and redeemed at par on October 10, 2028. The exchange price will be set at a 16.25% premium over the volume-weighted average HKEX share price on March 28, 2025. Settlement and delivery are expected by April 10, 2025.

Citigroup Inc. will provide an unconditional and irrevocable guarantee for the bonds. Net proceeds will be used for general corporate purposes. The bonds are expected to be listed on the Frankfurt Stock Exchange’s Open Market within six months of issuance.

Citigroup Global Markets Limited is acting as the sole global coordinator, sole bookrunner, and calculation agent. The announcement includes extensive disclaimers regarding regulatory compliance, risk factors, and the nature of the offering.

Citigroup has been appointed as the successor depositary bank for Prudential plc’s sponsored Level 2 American Depositary Receipt (ADR) program. Prudential’s ADRs, traded on the New York Stock Exchange under the symbol "PUK," represent two ordinary shares listed on the London Stock Exchange ("PRU LN") and the Hong Kong Stock Exchange ("2378").

Citi's Head of Issuer Services, Dirk Jones, emphasized the bank's global reach and investor relations expertise, stating that Citi’s platform will support the ongoing success of Prudential’s ADR program. Citi Issuer Services operates depositary receipt programs in over 65 markets, facilitating cross-border capital market access.

Prudential provides life and health insurance and asset management in 24 markets across Asia and Africa, with primary listings on the Hong Kong and London Stock Exchanges. The company is also listed in Singapore ("K6S") and trades on the NYSE via ADRs.

Citigroup Inc. has announced the appointment of Nicole Giles as its new Chief Accounting Officer, effective February 21, 2025, and Controller, effective immediately. Giles, 53, brings extensive financial leadership experience, having previously served in various senior roles at J.P. Morgan Chase & Co., including Chief Accounting Officer and Controller from 2017 to 2020, and more recently as Chief Financial Officer of Commercial & Investment Banking.

As part of her compensation, Giles will receive an annual base salary of $500,000 and replacement deferred equity and cash awards totaling approximately $13.7 million, which will vest through January 2029. She will also be eligible for discretionary incentive compensation and benefits under Citi’s corporate policies.

Giles succeeds Robert Walsh, who is stepping down as Citi’s interim Chief Accounting Officer. Additionally, she replaces Patrick Scally, who had been serving as Citi’s interim Controller.

Citigroup Inc. reported the issuance of its 6.020% Fixed Rate/Floating Rate Callable Subordinated Notes due January 24, 2036, as outlined in a Terms Agreement dated January 16, 2025. The notes will be offered and sold through underwriters named in the agreement.

Citigroup Inc. reported a significant recovery in its financial performance for the fourth quarter of 2024, registering a net income of $2.9 billion, or $1.34 per diluted share, a stark contrast to the net loss of $1.8 billion, or $1.16 per diluted share, in the same period the previous year. Total revenues for the quarter rose to $19.6 billion, up 12% from $17.4 billion in the fourth quarter of 2023. This improvement was primarily driven by growth across all of Citigroup's businesses and a reduced impact from the currency devaluation in Argentina.

For the full year 2024, Citigroup's net income surged by nearly 40% to $12.7 billion, with revenues reaching $81.1 billion. This represents an increase from the $9.2 billion net income and $78.5 billion in revenues reported for 2023. The bank also highlighted efficiency improvements and a successful reorganization, which contributed to these robust results.

CEO Jane Fraser noted the significant milestones achieved in 2024 and outlined expectations for a RoTCE of between 10% and 11% by 2026, reflecting ongoing investments in the business. Despite this, Citigroup aims to exceed these figures in the future, optimizing returns and realizing the bank's full potential.

Additionally, Citigroup returned approximately $6.7 billion to shareholders in 2024 through dividends and share repurchases, with a new $20 billion common stock repurchase program set to commence in the first quarter of 2025. These actions underscore the bank's robust capital position and commitment to delivering shareholder value.

Overall, Citigroup's results reflect a solid performance and strategic execution, positioning the bank well for continued growth and profitability.