Printer Friendly PageCitigroup Inc. (NYSE: C)
July 14, 2003
Citigroup Announces 75% Increase in Common Dividend to a Quarterly Rate of $0.35 per Share
New York, NY — The Board of Directors of Citigroup Inc. (NYSE: C) today approved a 75 percent increase in the quarterly dividend on the company’s common stock to 35 cents a share from 20 cents a share, payable on August 22, 2003, to stockholders of record on August 4, 2003.
”The recent change in the tax law levels the playing field between dividends and share repurchases as a means to return capital to shareholders. This substantial increase in our dividend will be part of our effort to reallocate capital to dividends and reduce share repurchases. We have demonstrated our commitment to stockholders by consistently increasing our dividend since the inception of our predecessor company in 1986. Our Board’s authorization of a 75 percent increase in our dividend, the largest increase in our company’s history, further underscores our desire to enhance returns to our investors,” said Sanford I. Weill, Chairman and Chief Executive Officer.
The Board also declared dividends on the company’s preferred stock as follows:
– Series F, payable September 1, 2003, to holders of record on August 15, 2003. Holders of depositary receipts, each representing one-fifth of a full preferred share, will be paid $.795625 for each receipt held.
– Series G, payable September 1, 2003, to holders of record on August 15, 2003. Holders of depositary receipts, each representing one-fifth of a full preferred share, will be paid $.776625 for each receipt held.
– Series H, payable November 1, 2003, to holders of record on October 15, 2003. Holders of depositary receipts, each representing one-fifth of a full preferred share, will be paid $.778875 for each receipt held.
– Series M, payable November 1, 2003, to holders of record on October 15, 2003. Holders of depositary receipts, each representing one-fifth of a full preferred share, will be paid $.733 for each receipt held.
– Series V, payable August 15, 2003, to holders of record on July 31, 2003. Holders of depositary receipts, each representing one-tenth of a full preferred share, will be paid $.7325 for each receipt held.
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Citigroup (NYSE: C), the preeminent global financial services company with some 200 million customer accounts in more than 100 countries, provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, insurance, securities brokerage, and asset management. Major brand names under Citigroup’s trademark red umbrella include Citibank, CitiFinancial, Primerica, Smith Barney, Banamex, and Travelers Life and Annuity. Additional information may be found at: www.citigroup.com