New York Citigroup today announced that the Federal Reserve Board (FRB) has advised Citi that it has no objection to the planned capital actions requested by Citi as part of the 2013 Comprehensive Capital Analysis and Review (CCAR).
The planned capital actions include a $1.2 billion common stock buyback program through the first quarter of 2014 and the maintenance of current common stock dividends ($0.01 per share per quarter). Any repurchases of common stock and common stock dividends remain subject to approval by Citigroup's Board of Directors.
For more information on Citi's release of certain disclosures required by the rules of the FRB in connection with the 2013 annual supervisory stress tests, please visit Citi's website at www.citigroup.com/citi/investor.
Michael Corbat, Citi's Chief Executive Officer, said: "We are pleased that Citi will be able to return additional capital to shareholders. Over the past several years, we have rebuilt Citi's capital base and strengthened our balance sheet as well as shed assets and businesses not core to our strategy. We remain focused on our clients and allocating our resources to where they can provide the best returns and generate consistent, high-quality earnings."
Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.
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Certain statements in this press release, including those regarding Citi's 2013 CCAR planned capital actions, are "forward-looking statements" within the meaning of the rules and regulations of the U.S. Securities and Exchange Commission. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. Actual results and capital and other financial condition may differ materially from those included in these statements due to a variety of factors, including but not limited to obtaining required approvals, satisfactory market conditions and any other conditions that may be included in any Citi stock repurchase program, as well as those factors contained in Citi's filings with the U.S. Securities and Exchange Commission, including the "Risk Factors" section of Citi's 2012 Annual Report on Form 10-K. Precautionary statements included in such filings should be read in conjunction with this document. Any forward-looking statements made by or on behalf of Citi speak only as to the date they are made, and Citi does not undertake to update forward-looking statements to reflect the impact of circumstances or events that arise after the date the forward-looking statements were made.