Institutional Businesses

With trading floors in more than 80 countries, clearing and custody networks in over 60 countries, and connections with 400 clearing systems, Citi's Institutional Clients Group maintains one of the largest global financial infrastructures and facilitates on average more than $3 trillion of flows daily. This is what enables Citi to build enduring relationships with clients and serve them with distinction.

CAPITAL MARKETS ORIGINATION

Citi's Capital Markets Origination business is focused on the capital-raising needs of our institutional clients, from inaugural issuances and exchanges to cross-border transactions and first-of-their-kind landmark structures. Owing to our unmatched global footprint and diverse range of financial products, Citi aims to be the first choice among issuers for clients' underwriting needs. Citi's track record of successfully executing in both buoyant and challenging market conditions is a testament to our unwavering commitment to provide the highest quality service to clients. Citi's structuring and execution expertise has established the firm as a leader in the equity capital markets, whether measured by innovation or proceeds raised, and has distinguished Citi as the clear choice for debt underwriting, with excellence across a broad range of currencies and markets.

In 2014, Citi was underwriter for several landmark transactions, including Alibaba Group Holding Limited's $25 billion initial public offering (IPO) in September and $8 billion bond offering in November. Citi also served as joint global coordinator on Ally Financial's $2.6 billion IPO and led all of Ally's private placements. In November, Citi served as a joint bookrunner on Kinder Morgan, Inc.'s $6 billion bond offering as part of the financing for its acquisition of Kinder Morgan Energy Partners, L.P., Kinder Morgan Management, LLC and El Paso Pipeline Partners, L.P.

CORPORATE AND INVESTMENT BANKING

Citi's Corporate and Investment Banking franchises provide comprehensive relationship coverage service to ensure the best possible service and responsiveness to clients. With its strong presence in many nations, Citi uses country, sector and product expertise to deliver our global capabilities to clients wherever they choose to compete.

Citi's Corporate and Investment Banking client teams are organized by industry and by country. Each team is composed of two parts: Strategic Coverage Officers focus on mergers and acquisitions and equity and related financing solutions, while Corporate Bankers—in partnership with Citi's Capital Markets specialists and with support from the Global Subsidiaries Group—deliver corporate banking and finance services to global, regional and local clients.

In 2014, Citi advised on several transformational transactions. For instance, we were lead financial advisor to AB Acquisition LLC (Albertson's) and to an investor group led by Cerberus Capital Management, L.P. in acquiring all of the outstanding shares of Safeway Inc. Citi also was a joint lead arranger on the financing for the transaction. Citi advised Kinder Morgan, Inc. on its acquisition of all of the outstanding publicly held equity securities of Kinder Morgan Energy Partners, L.P., Kinder Morgan Management, LLC and El Paso Pipeline Partners, L.P. in a transaction valued at approximately $76 billion. Citi also acted as lead financial advisor to Level 3 Communications, Inc. on its $7.3 billion acquisition of tw telecom and participated in the transaction financing.

MARKETS AND SECURITIES SERVICES

Citi's Markets and Securities Services business provides world-class financial products and services as diverse as the needs of the thousands of corporations, institutions, governments and investors Citi serves. Citi works to enrich the relationships, products and technology that define its market-making presence. The breadth, depth and strength of Citi's sales and trading, distribution and research capabilities span a broad range of asset classes, currencies, sectors and products, including equities, commodities, credit, futures, foreign exchange (FX), emerging markets, G10 rates, municipals, prime finance and securitized markets.

Our Investor Services and Direct Custody and Clearing businesses provide customized solutions that support the diverse investment and transaction strategies of investors and intermediaries worldwide.

The Citi VelocitySM platform delivers electronic access to Citi's global footprint and real-time information, giving clients unprecedented access to capital markets intelligence and services across all product lines. Through web, mobile and trading applications, clients can find Citi research, commentary, and proprietary data and analytics; execute fast, seamless and stable foreign exchange and rates trades; and utilize Citi's suite of sophisticated, post-trade analysis tools.

In 2014, Citi developed a four-part, $758 million financing structure that refinanced the Community Preservation Corporation's existing debt and provided the liquidity needed to restart loan operations that will serve New York State's most distressed neighborhoods.

Citi tied for second place in global fixed income market share for 2014, a gain for the year, according to financial services consultancy Greenwich Associates. In addition, Citi was recognized as a Greenwich Leader in overall best service quality and was ranked as the top three in global fixed income trading share among hedge funds, credit and rates. The research respondents included more than 4,000 fixed income investors.

Risk magazine awarded Citi OTC Clearer of the Year and Credit Derivatives House of the Year, and The Banker named Citi the Most Innovative Bank for Equity Derivatives.

PRIVATE BANKING

Citi operates one of the world's leading global private banks, whose teamwork, commitment to service, and ability to see and seize opportunities for clients set it apart. Citi's 800 private bankers and product specialists, located in 51 offices in 16 countries, act as trusted advisors to many of the world's most successful and influential individuals and families.

Citi's comprehensive services are tailored to individuals and families, including entrepreneurs and business owners, single- and multi-family offices, senior corporate executives, next-generation/inherited wealth, law firms and attorneys. Through banking and cash management to lending, investment strategies, and trust and wealth advisory services, Citi's goal is to deliver expertise and a premier level of service while helping grow, manage and preserve wealth. As Citi partners with clients, it can provide global thinking informed by deep local insight and can help deliver the complete financial management strategies that today's wealth requires.

Private Banker International awarded Citi Outstanding Global Bank in North America and Asia Pacific as well as Best Next-Generation Offering and Best Discretionary & Advisory Service Offering.

TREASURY AND TRADE SOLUTIONS

Citi's Treasury and Trade Solutions (TTS) business provides integrated cash management and trade finance services to multinational corporations, financial institutions and public sector organizations across the globe. With the industry's most comprehensive suite of digital and mobile-enabled platforms, tools and analytics, TTS leads the way in delivering innovative and tailored solutions to its clients. Offerings include cash management, payments, receivables, liquidity management and investment services, working capital solutions, commercial and prepaid card programs, and trade finance.

Because delivering the best possible client experience is the key driver of growth and share, TTS has focused its efforts on transforming the client experience based on the pillars of client advocacy, network management, client operations and customer service. Citi is delivering a seamless, end-to-end client experience through the development of its capabilities, client advocacy and service across the entire organization.

In 2014, Treasury and Trade Solutions launched Citi Integrated Payables SolutionsSM, a holistic suite of analytics, advisory and payment services that will assist organizations in optimizing working capital and maximizing efficiency across their complete supply chain.

TreasuryVision® Liquidity Manager, a key component of Citi's TreasuryVision Analytics toolkit that provides interactive balance visibility via the CitiDirect® online banking platform, launched in 2014. This solution is another innovative service that complements Citi's suite of global liquidity management solutions.

Citi also introduced Citi Working Capital Analytics, which is designed to support strategic decision making for a company's treasury, procurement and shared service center organizations. The service combines diagnostic capabilities with innovative visualization technology and real-time interactive features to deliver enhanced visibility and insights across an organization's complete supply chain.

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