For Immediate Release
Citigroup Inc. (NYSE: C)
October 14, 2014

Citi Discloses Results of Investigation into Security Unit in Mexico

New York – Citigroup Inc. ("Citi") today issued the following statement regarding the findings of an investigation into the activities of a legacy Banamex unit that provided personal security services:

"In July, we directed an outside law firm to conduct an independent investigation into the activities of a legacy Banamex unit that provided personal security services in Mexico. The investigation included in-depth interviews, the extensive review of electronic and paper files, and forensic analysis of computers and electronic media. The investigation uncovered illegal conduct, including fraud in the range of US $15 million, the unauthorized providing of security services to outside parties, and the use of intercepted telecommunications. The unit is being disbanded and security services will be provided by Citi's global security function. We have also notified and are cooperating with law enforcement and regulators regarding this matter in the U.S. and Mexico."

In addition, Michael Corbat, Citi's Chief Executive Officer, said:

"While the fraud is not financially material, the conduct of the individuals involved is appalling. Now that this investigation is complete, we intend to hold the individuals who conducted these activities accountable.

"Over the last several months, we have been reviewing our franchise in Mexico and have already made significant changes to strengthen our processes and controls. We will continue to take whatever steps are necessary to make sure that every part of our global franchise lives up to our standards," Mr. Corbat concluded.

Citi
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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