Citigroup CEO Announces US$3.5 Billion Credit Availability for Argentina in Meeting with President Macri
Buenos Aires, Argentina – During his visit to Argentina, Michael Corbat, Citigroup's Chief Executive Officer, announced US$3.5 billion of credit availability to corporate and institutional clients to finance working capital needs and investment projects in Argentina.
Accompanied by Citi Latin America Chief Executive Officer Jane Fraser and Argentina Citi Country Officer Julio Figueroa, Mr. Corbat met with President Mauricio Macri and Finance Minister Alfonso Prat-Gay to announce the availability of the credit lines and to express Citi's support for the economic reforms that the President has been leading in the first months of his administration.
Mr. Corbat said: "We are committed to supporting the growth of Argentina and our clients in a country where we have had a presence for over 100 years. Extending these lines of credit, providing financing to the public sector and underwriting bonds in the international capital markets for several Argentine companies are tangible examples of our commitment to Argentina. We expect sustained growth in the coming years and look forward to putting our global network to work on behalf of our institutional clients."
Citi Argentina's institutional business, which serves more than 1,300 clients, has been recognized in recent industry polls for its performance in investment banking, foreign exchange, cash management services and trade finance, and for actively providing financial services to the public sector, including Citi's participation in providing financing to the Central Bank of Argentina, as well as the sovereign bond issue to pay holdouts, and for underwriting bonds for the provinces of Buenos Aires, Salta and Mendoza.
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