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For Immediate Release Citigroup Inc. (NYSE: C)

Citi Offers First Money Market Fund Distribution Service to Institutional Clients in China

October 27, 2022

HIGHLIGHTS

Launch meets local and multinational corporate client demand for short-term instruments amid volatile global markets

First transaction completed with global food and beverage giant Danone

Hong Kong/Shanghai – Citi has started offering money market fund distribution services to institutional clients in China – a move set to help multinational and local corporates in the country better manage cash amid volatile global markets. Leading food and beverage company Danone has become the first to execute this service.

With short investment cycles, money market funds might offer treasurers valuable return in volatile markets. The RMB-denominated fund Citi offers as of now is AAA-rated by an international credit rating agency, with onshore commercial paper, certificates of deposit, short-term government bonds and other money market instruments as underlying. Clients can efficiently manage, subscribe and redeem via Citi's banking platform.

Rajesh Mehta, Asia Pacific Head of Treasury and Trade Solutions at Citi, said: "With a RMB 10 trillion market1, China's onshore money market funds provide many investment opportunities for Citi's clients. Citi plans to roll out more of such funds for clients in China to meet their cash management needs, while beefing up our RMB product offering."

Melvin Lim, VP, Danone Business Services China, North Asia & Oceania, said: "Citi's RMB Money Market Fund Distribution Program provides a convenient transaction channel of money market funds to enhance the return of surplus cash while maintaining liquidity."

Citi serves around 70% of Fortune 500 companies operating in mainland China, 300 leading local corporates and many more 'emerging' companies spanning sectors from FinTech, Biotech to clean energy.

Many of these companies have annual revenues running into hundreds of millions of RMB. Citi's one-stop cash management platform – encompassing payments, deposits, cash pooling and more – is especially important to their treasury in times of volatility.

Howard Yang, China Head of Treasury and Trade Solutions at Citi, said: "We are actively rolling more RMB investment channels that are convenient to use with plenty liquidity, as we meet client demand, help them navigate risks and create value for the real economy."

The first money market fund on the shelf is offered by a large asset management company Citi has worked with for many years in China. Among the first foreign banks to incorporate locally in 2007, Citi has strong ties with leading Chinese brokerages and fund houses, which helped provide Citi's clients with a wide range of local and global opportunities.

Currently in its 120th year in China, Citi is switching gears with a focus on institutional banking, accelerating its development and investment in the country.

With products sold in over 120 markets, Danone generated sales of €24.2 billion in 2021. Danone's portfolio includes brands worldwide (Activia, Actimel, Alpro, Danette, Danonino, Danio, evian, Volvic, Nutrilon/Aptamil, Nutricia) and in local markets (Aqua, Blédina, Cow & Gate, Bonafont, Horizon Organic, Mizone, Oikos, Prostokvashino, Silk).2


1 Asset Management Association of China (AMAC) data (As of June-end, 2022).
2 https://www.danone.com/about-danone.html

Citi
Citi is a preeminent banking partner for institutions with cross-border needs, a global leader in wealth management and a valued personal bank in its home market of the United States. Citi does business in more than 160 countries and jurisdictions, providing corporations, governments, investors, institutions and individuals with a broad range of financial products and services.

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Media Contacts:
Marine Mao marine.mao@citi.com
Arundathi Abyshekar arundathi.abyshekar@citi.com
Harsha Jethnani harsha.jethnani@citi.com

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