Usha Resources Congratulates Stardust Power on NASDAQ Listing, Provides Update on LOI to Sell Up to 90% of the Jackpot Lake Project for Total Consideration of up to US$26,025,000
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Jul 26 2024
0mins
Source: Newsfilter
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Analyst Views on C
Wall Street analysts forecast C stock price to rise
18 Analyst Rating
15 Buy
3 Hold
0 Sell
Strong Buy
Current: 110.750
Low
87.00
Averages
131.00
High
150.00
Current: 110.750
Low
87.00
Averages
131.00
High
150.00
About C
Citigroup Inc. is a global diversified financial services holding company. The Company’s segments include Services, Markets, Banking, Wealth and U.S. Personal Banking (USPB). The Services segment includes Treasury and Trade Solutions (TTS) and securities services. TTS provides an integrated suite of tailored cash management, trade and working capital solutions to multinational corporations, financial institutions and public sector organizations. The Markets segment provides corporate, institutional and public sector clients around the world with a full range of sales and trading services across equities, foreign exchange, rates, spread products and commodities. The Banking segment includes investment banking, which supports client capital-raising needs to help strengthen and grow their businesses. The Wealth segment includes Private Bank, Wealth at Work and Citigold and provides financial services to a range of client segments. USPB segment includes branded cards and retail services.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Citigroup to Sell Stakes in Mexican Bank
- Stake Sale Plan: Citigroup is set to reduce its ownership in its Mexican retail bank, Banamex, by an additional 24%, with plans to engage over a dozen investors, indicating confidence in the business's potential.
- Transaction Value and Impact: Last year, Citi sold a 25% stake in Banamex for 42 billion pesos (approximately $2.4 billion), and the new deals are expected to further enhance the bank's market consolidation and competitiveness in Mexico.
- Strategic Shift: Citigroup is simplifying its operations globally by divesting from retail banking, while maintaining its corporate banking and brokerage units in Mexico to focus on higher-margin areas.
- Market Reaction: Despite bearish sentiment in the market, Citigroup's shares have risen nearly 38% over the past year, reflecting investor confidence in its long-term strategic direction.
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JPMorgan's Jamie Dimon Faces Tough Questions on AI and Competition During Investor Day
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Citigroup Sells Additional 24% Stake in Banamex for $2.5 Billion
- Stake Sale Overview: Citigroup has agreed to sell an additional 24% stake in its Mexican retail banking unit, Banamex, for approximately $2.5 billion, indicating strong investment interest in the business from private equity firms, banks, and sovereign wealth funds.
- Transaction Details: The deal involves the purchase of 499 million shares for about 43 billion pesos, with buyers including Blackstone, General Atlantic, Brazilian bank Banco BTG Pactual, and Mexico's Afore Sura pension fund, each acquiring less than 5%.
- Market Reaction: The sale was completed at 0.85 times book value, slightly higher than the 0.8 times book value from last year's sale to billionaire Fernando Chico Pardo, reflecting an increase in market valuation and boosting investor confidence in Banamex.
- Strategic Shift: Under CEO Jane Fraser's leadership, Citigroup is gradually reducing its exposure to retail banking in Mexico, having sold a 25% stake last year, indicating a strategic shift that may redirect resources towards other potentially lucrative investment opportunities.
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Citigroup Sells 24% Stake in Banamex for $2.5B
- Share Sale Agreement: Citigroup has agreed to sell approximately 24% of Grupo Financiero Banamex's common stock for around MXN 43 billion (approximately $2.5 billion), involving about 499 million shares, indicating a strategic shift in its Latin American operations.
- Institutional Buyers: The buyers include several institutional investors such as General Atlantic, Afore SURA, Banco PTG Pactual, Chubb, Blackstone, Liberty Strategic Capital, and Qatar Investment Authority, highlighting strong market interest in Banamex.
- Ownership Change: Following this transaction, Citigroup will have sold a total of 49% of Banamex, and it does not expect any additional sales this year, reflecting a cautious approach to future market conditions.
- IPO Uncertainty: Citigroup stated that any decisions regarding the timing and structure of a potential Banamex IPO and further sales will be influenced by financial conditions, market dynamics, and regulatory approvals, demonstrating its keen awareness of market trends.
See More
Citigroup to Sell Stakes in Mexican Bank
- Stake Sale Plan: Citigroup is set to reduce its ownership in its Mexican retail bank, Banamex, by an additional 24%, with plans to engage over a dozen investors, indicating confidence in the business's potential.
- Transaction Value and Impact: Last year, Citi sold a 25% stake in Banamex for 42 billion pesos (approximately $2.4 billion), and the new deals are expected to further enhance the bank's market consolidation and competitiveness in Mexico.
- Strategic Shift: Citigroup is simplifying its operations globally by divesting from retail banking, while maintaining its corporate banking and brokerage units in Mexico to focus on higher-margin areas.
- Market Reaction: Despite bearish sentiment in the market, Citigroup's shares have risen nearly 38% over the past year, reflecting investor confidence in its long-term strategic direction.
See More
JPMorgan's Jamie Dimon Faces Tough Questions on AI and Competition During Investor Event
Winter Storm Impact: New York City experienced its heaviest winter storm in a decade, which began to subside on Monday afternoon.
Investor Activity: Following the storm, investors and bank analysts gathered at JPMorgan Chase's new headquarters in Midtown Manhattan.
See More
JPMorgan's Jamie Dimon Faces Tough Questions on AI and Competition During Investor Day
- Winter Storm Impact: New York City experienced its heaviest winter storm in a decade, which began to subside on Monday afternoon.
- Investor Activity: Following the storm, investors and bank analysts gathered at JPMorgan Chase's new headquarters in Midtown Manhattan.
See More
Federal Reserve Proposes Enhanced Risk Evaluation for Banks
- Regulatory Framework Reform: The Federal Reserve has introduced a new proposal aimed at refining bank risk evaluations in response to President Trump's concerns over unjustified account closures, emphasizing that discrimination based on customers' political or religious beliefs is unacceptable.
- Elimination of Reputation Risk: This proposal builds on the June announcement that reputation risk will no longer be a consideration in bank supervision, ensuring that supervisory decisions are based on material financial risks, thereby enhancing transparency and precision in regulatory decision-making.
- Public Comment Solicitation: The Federal Reserve Board is seeking public comments on the proposal, aiming to refine the regulatory framework through broad feedback to ensure it adapts to the evolving financial landscape.
- Emphasis on Legal Compliance: Vice Chair Michelle W. Bowman highlighted that financial institutions must not discriminate against customers engaged in lawful activities, underscoring the importance of legal compliance to maintain fairness in the financial markets.
See More
Citigroup Sells Additional 24% Stake in Banamex for $2.5 Billion
- Stake Sale Overview: Citigroup has agreed to sell an additional 24% stake in its Mexican retail banking unit, Banamex, for approximately $2.5 billion, indicating strong investment interest in the business from private equity firms, banks, and sovereign wealth funds.
- Transaction Details: The deal involves the purchase of 499 million shares for about 43 billion pesos, with buyers including Blackstone, General Atlantic, Brazilian bank Banco BTG Pactual, and Mexico's Afore Sura pension fund, each acquiring less than 5%.
- Market Reaction: The sale was completed at 0.85 times book value, slightly higher than the 0.8 times book value from last year's sale to billionaire Fernando Chico Pardo, reflecting an increase in market valuation and boosting investor confidence in Banamex.
- Strategic Shift: Under CEO Jane Fraser's leadership, Citigroup is gradually reducing its exposure to retail banking in Mexico, having sold a 25% stake last year, indicating a strategic shift that may redirect resources towards other potentially lucrative investment opportunities.
See More
Citigroup Sells 24% Stake in Banamex for $2.5B
- Share Sale Agreement: Citigroup has agreed to sell approximately 24% of Grupo Financiero Banamex's common stock for around MXN 43 billion (approximately $2.5 billion), involving about 499 million shares, indicating a strategic shift in its Latin American operations.
- Institutional Buyers: The buyers include several institutional investors such as General Atlantic, Afore SURA, Banco PTG Pactual, Chubb, Blackstone, Liberty Strategic Capital, and Qatar Investment Authority, highlighting strong market interest in Banamex.
- Ownership Change: Following this transaction, Citigroup will have sold a total of 49% of Banamex, and it does not expect any additional sales this year, reflecting a cautious approach to future market conditions.
- IPO Uncertainty: Citigroup stated that any decisions regarding the timing and structure of a potential Banamex IPO and further sales will be influenced by financial conditions, market dynamics, and regulatory approvals, demonstrating its keen awareness of market trends.
See More
