Dallas, Texas 08/19/2013 (Financialstrend) – The Citigroup Inc (NYSE:C) has announced the initiation of offers to purchase cash definite of its notes of the sequence set. The aggregated principal sum of the notes stood at $11.5 billion as of August 13, 2013.
The offers, which at present are estimated to be worth $ 3,070,000,000, are reliable with the Citigroup’s liability administration plan. The Citigroup has withdrew an estimated amount of USD 25 billion of trust preferred securities, subordinated debt, preferred and senior debt, dropping Citigroup’s overall funding costs and efficiently reorganising its liquidity.
Citigroup Names Michael Borch As New COO
The Citigroup has nominated Michael Borch as its novel chief operating officer (COO) for its business and investment banking institution in Asia Pacific. Borch replaces Chris Laskowski. Laskowski has served this post since 2010 and has played a vital role in the formation of the Citigroup’s China securities joint venture.
Laskowski will now concentrate on the positions he retains as the leader of the financial entrepreneurs group for the area and the head of corporate and investment banking in Hong Kong.
Citigroup Shuts Down Branches In Egypt
The Citigroup Inc has shut down all its branches in Egypt in agreement with the instructions of the Bank of Egypt. The branches shall remain close until the Bank of Egypt gives any further verdict. The Citigroup started to serve Egypt in the year 1975. Citigroup has as much as 9 branches across Egypt with 650 employees. The Citigroup has a net investment of $ 250 million in Egypt.
Citigroup has suffered recent transitional losses of about $100 millions in Egypt owing to its strife in politics and a sheer absence of harmony in the nation.
Following a recent political upheaval all the financial institutions inclusive of the stock exchange have been ordered to remain shut.