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FOR IMMEDIATE RELEASE
Citigroup Inc. (NYSE: C)
December 18, 2023

Citi launches CitiDirect® Document Center in India

Mumbai: Citi today announced the launch of CitiDirect Document Center, a new service for institutional clients in India, as trade and commerce, global supply chain integration, and investments, all spur demand for cross-border payments in and out of the country. India becomes the fifth market in Asia to offer this solution.

The service is designed to digitize supporting documents and streamline and simplify relevant processes to facilitate cross-border transactions. CitiDirect Document Center was first introduced in South Africa in March 2021, and subsequently launched in Vietnam, Thailand, Philippines, and Sri Lanka. The service has reduced turnaround time by about 40% on average, for clients’ cross-border payments, in the four Asian markets where it is already live. India becomes the first country to launch the service with enhanced features on a new interface of the CitiDirect platform. These features include allowing users to view upfront document requirements for the purpose of payment and input key regulatory information (as applicable) at the time of payment initiation. The new look-and-feel of the interface gives clients a simple, intuitive, and user-friendly experience to execute cross-border payments.

“CitiDirect Document Center aims to enhance and streamline the management of cross-border payments in India, a country that is increasingly becoming an integral part of global supply chain strategies. As more local businesses grow rapidly and expand internationally, CitiDirect Document Center will empower clients to respond to global opportunities and help facilitate seamless cross-border transactions for their day-to-day operations,” said Mridula Iyer, Asia South, Treasury & Trade Solutions (TTS) Cluster & Corporate, Commercial & Public Sector (CCPS) Sales Head, Citi.

Clients in India also have an alternative host-to-host channel option to securely transmit document files through direct connectivity with Citi, without any manual intervention or touchpoints.

One of the primary complexities of cross-border transactions is to handle the associated supporting documents manually to meet various FX control and regulatory requirements, which could lead to potential delays. Through this new service, all documents can be uploaded, managed and tracked digitally within a single digital platform, CitiDirect.

"We are committed to enable a more seamless, efficient and simpler payment experience for our clients, while providing greater transparency and the tools to better manage day-to-day processes”, said Naman Kapoor, India Payments & Liquidity Head, Citi.

CitiDirect Document Center enables users the option to upload documents post payment initiation, including the ability to add, modify or take action on documents online. The document status information will also be available in Citi Payment Insights, enabling an integrated and transparent view of both the payments and documents for holistic management of clients’ cash movement.

Citi has been helping our clients grow by empowering them to adopt digital transformation, and introducing new solutions and capabilities that improves client experience and reduces friction in our clients’ cross-border payments activity, thereby enabling greater efficiency and scalability.

About 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.

Additional information may be found at www.citigroup.com | Twitter: @Citi | YouTube: www.youtube.com/citi |
Blog: http://blog.citigroup.com | Facebook: www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi

About Citi India:

Committed to India for over 115 years, Citi takes pride in being a premier locally embedded financial institution, backed by an unmatched global network. Citi is an employer of choice in India offering consumers and institutions a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, brokerage, treasury and trade services, securities and fund services and wealth management. In line with our commitment to make a positive difference in the communities we work, Citi India's citizenship program targets its strategic efforts in the priority areas of Financial Capability & Asset Building, Microfinance, Enterprise Development, and Youth, Education & Livelihoods.

For Immediate Release
Citigroup Inc. (NYSE: C)
[September 13, 2023]

Citibank India Launches Work From Home (WFH) Option for 12 months post Maternity Leave

Additional WFH option during the last trimester for women employees

One of the first organizations to implement Government of India advisory

Mumbai: Citibank has launched a pioneering WFH option for its women employees who now can request for working from home for a period of up to 12 months at the end of their maternity leave of 26 weeks. Additionally, on need basis, a woman employee can request 3 months of work from home in the last trimester of pregnancy, subject to review and approvals. This potentially provides a cumulative period of 21 months of working from home for expecting/new mothers.

Citi India is one of the first organizations to implement the maternity linked WFH initiative in response to the Government of India’s advisory thereby making it as an implementable rule for the benefit of the women and helping new mothers successfully balance their family and career.

Citi India & South Asia, Chief Human Resources Office, Aditya Mittal, said, “We are delighted to pioneer this for our women colleagues across the Citi India franchise. Most studies on women participation in the workforce suggest that women tend to drop out or take a long break in their employment during this stage which impacts their careers and eventually the percentage of women at senior levels in organizations. This is a big and timely step to ensure we retain women talent and support their career aspirations when they need it the most. Hopefully, this will encourage more industry initiatives to implement the Government’s vision.”

Megha Mangal, Digital Software Engineer, Personal Banking and Wealth Management, recently resumed from her maternity break. She said, “Citi's support during this crucial time in my life is invaluable. It allowed me to fully embrace the joys and challenges of motherhood without worrying about my career. The peace of mind knowing that I could continue contributing to my job working from home made my transition into motherhood so much smoother. Citi's maternity leave policy exemplifies its dedication to creating a positive and inclusive work environment.”

With Citi India having over 30,000 employees of which 38% are women, this initiative is expected to widely benefit women by ensuring continuity of their careers with Citi as also building a seamless pipeline to augment the already strong 30% women representation at mid-senior/senior positions.

Citi has been continuously launching initiatives around work-life balance and Diversity, Equity and Inclusion. In 2019, it became one of the first companies to disclose its unadjusted, or ‘raw’ pay gaps for both women and U.S. minorities. In 2021, it was the first Wall Street Bank to launch the flexible working model. Sustained initiatives such as setting aspirational representation goals in 2018 - and having achieved them at the end of 2021 – raising the bar again in 2022 reflects in the growing diversity at Citi, in India and globally.

About 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.

Additional information may be found at www.citigroup.com | Twitter: @Citi | YouTube: www.youtube.com/citi | Blog: http://blog.citigroup.com | Facebook: www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi

About Citi India:

Committed to India for over 115 years, Citi takes pride in being a premier locally embedded financial institution, backed by an unmatched global network. Citi is an employer of choice in India offering consumers and institutions a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, brokerage, treasury and trade services, securities and fund services and wealth management. In line with our commitment to make a positive difference in the communities we work, Citi India's citizenship program targets its strategic efforts in the priority areas of Financial Capability & Asset Building, Microfinance, Enterprise Development, and Youth, Education & Livelihoods.

Additional information may be found at: www.citibank.co.in | Facebook: www.facebook.com/citiindia

For Immediate Release
Citigroup Inc. (NYSE: C)
September 12, 2023

Citibank India Reports Earnings for the Financial Year Ended March 31, 2023

Revenue up 16% Year-on-Year; Profit After Tax up 26% Year-on-Year

Mumbai: Citibank N.A. in India (Citibank India) announced its financial results for the year ended March 31, 2023. Citibank India had a strong financial performance for the financial year 2022-23 with an underlying 16% year-on-year growth in revenue (net of interest expense) and 26% growth in profit after tax (PAT), excluding the one-time gain on sale of consumer banking business in India to Axis Bank Limited. PAT stood at INR 13,614 crores on a reported basis, which included a post-tax one-time gain on sale of consumer banking business of INR 8,914 crores and underlying profit of INR 4,700 crores, versus INR 3,727 crores PAT in the previous financial year. Total assets stood at INR 217,302 crores as at March 31, 2023.

Citibank India’s net interest margin for the financial year 2022-23 was 5.15% versus 4.65% for the previous financial year. Asset quality remained strong with gross non-performing asset (NPA) ratio at 0.41% (previous year: 1.07%) and net NPA ratio at 0.00% (previous year: 0.39%) as at financial year end.

Citibank India is banker to 30% of India’s multi-national companies2. As of March 31, 2023, Citibank India held a 4.1% market share in electronic fund transfers3 and an 8% share of India’s merchandise and software services trade flows4. Citibank India is also a leading custodian managing approximately 35% of foreign portfolio investor flows in India5.
On these results, Citibank India CEO Ashu Khullar said:

“The disciplined execution of our refreshed strategy has led to strong earnings. We are leveraging the capabilities in our Institutional Clients Group (ICG) business to support our clients’ needs through best-in- class innovative solutions across our Trade and Treasury Solutions, Markets and Securities Services businesses, leveraging the strength of our global network while providing a wide suite of products and services to our clients through our client coverage teams in Corporate Banking and Commercial Banking. This has led to robust growth in the Bank’s revenue, which, coupled with judicious expense management practices, reflects in our strong financial performance.”

Business Highlights 2022-23

Citibank India

  • Citi Commercial Banking (CCB) provides global banking solutions to mid-sized organizations in India that are looking to grow rapidly and expand internationally. CCB serves over 3,500 clients in India, including a diverse portfolio of emerging and mid-tier corporates, multinational subsidiaries and digital disruptors. Our clients get access to the full suite of Citi solutions for all stages of growth – the same robust products used by the world’s largest firms. We have organized our bankers into teams specializing in our clients’ industries, to deliver sector-specific insights and solutions.
  • India is the third market for Citi in Asia Pacific after Singapore and Hong Kong to launch a new sustainable time deposit solution, designed to assist institutional clients when investing excess cash while supporting their sustainability goals, reflecting the growing interest in sustainable investment, products and services from clients. The funds deposited in this product, offered by Citibank India, will support projects identified under the Citi Social Finance Framework. The sustainable time deposit solution is the latest addition to the suite of sustainable products introduced by Citibank India, including sustainable supply chain financing and sustainable trade loans.
  • As on March 31, 2023, Citibank India has extended loans of INR 35,001 crores to agriculture, affordable housing, renewable energy and micro, small and medium enterprises, of which INR 1,218 crores has been extended to economically weaker sections, as part of Citibank India’s priority sector lending obligations.

Citi Franchise in India1

  • The Citi franchise in India (Citi India) added 2,061 employees during the fiscal year, bringing the total number of employees to 29,232 as on March 31, 2023. Of the total employee base, Citi Solution Centers housed under Citicorp Services India Private Limited (CSIPL), engage 26,994 professionals. Citi made 591 new hires for its various analyst programs from the best business and graduate schools and technical institutes who will join us through 2023.
  • Citi India maintained its dominant positions across equity and debt capital raising, loan financing, and mergers and acquisitions (M&A). Citi India helped raise ~INR 40,770 crores of equity capital (US$ 4,961 million6) and ~INR 14,382 crores6 (US$ 1,750 million) of debt capital for clients, preserving its status as the preferred investment bank in the country during this period7. Citi India is also a leading investment bank in M&As, with announced deals worth US$ 67,556 million during this period7.
  • Citibank, N.A. launched a branch at Gujarat International Finance Tec-City – International Financial Services Center (GIFT-IFSC) to offer corporate clients long-term and short-term financing solutions, while providing an international financial banking experience within India Standard Time zone.
  • In 2023, Citi India has been recognized as Best International Investment Bank in India by FinanceAsia, Best Investment Bank in India by Euromoney, Best International Bank India by Asiamoney, and Winner, Foreign Banks by Financial Express, India.
  • Citi India is focused on building corporate citizenship programs that enable progress, drive change across communities and are in line with the socio-economic growth initiatives of the Government of India, Citi Foundation, and Citi globally. Citi’s core values of innovation and excellence, digitization, and thought leadership, led to the creation of initiatives that demonstrate scale and impact, backed by best practice and standardized metrics. Key themes include entrepreneurship and inclusion, youth employability, spurring innovation through funding incubators in designated institutes, art and culture and capacity building.
  • In financial year 2022-2023, Citi India partnered with 18 non-governmental organizations and positively impacted over 19 lakh individuals across nine states in India. This included empowering 101,000+ women through entrepreneurship development and financial inclusion, improving employability of ~60,000 youth (54% women) with 70% placed across demand-driven industries, providing mentorship and seed grants to 29 social impact startups that pitched innovative agri- health and fin-tech solutions to 100+ government bodies, angel investors, and venture capitalists, nurturing over 500 world-class athletes who are pursuing their dreams to represent India on a national and international scale, augmenting education by facilitating tech-enabled pedagogy for ~1 million disadvantaged students, nurturing India’s rich heritage by furthering the ‘guru shishya’ tradition, raising awareness on India’s cultural heritage by reaching out to 8,00,000+ people across 20 districts through ‘Museum on Wheels’, and supporting 11 exhibitions featuring 8,000+ historic objects which witnessed ~700,000 visitors.

About 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 nearly 160 countries and jurisdictions, providing corporations, governments, investors, institutions and individuals with a broad range of financial products and services.

Additional information may be found at www.citigroup.com | Twitter: @Citi | YouTube: www.youtube.com/citi | Blog: http://blog.citigroup.com | Facebook: www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi

About Citi India:

Committed to India for 121 years, Citi India takes pride in being a premier locally embedded financial institution, backed by an unmatched global network. Citi India is an employer of choice and, through its ICG segment, serves a full spectrum of clients - from helping India's top global corporations commit capital, make markets and manage their global cash positions to supporting the growth ambitions of the country's small and mid-sized enterprises. In line with our commitment to make a positive difference in the communities we work in, Citi is focused on creating corporate citizenship initiatives across seven critical areas – Disaster Relief, Entrepreneurship Development, Youth Employability, Inclusive Finance, Art and Culture, Social Innovation, and Good Citizenship as part of its Corporate Social Responsibility efforts.

Additional information may be found at: www.citibank.co.in

FOR IMMEDIATE RELEASE
August 22, 2023

Ravi Kapoor to retire from Citi as Banking, Capital Markets and Advisory (BCMA) Head for South Asia and India after 18 years of professional career

K Balasubramanian (Bala) takes over as BCMA Head for India and South Asia Rahul Saraf is Head, Investment Banking for India

India: Ravi Kapoor, who headed BCMA for Citi India and South Asia, has decided to retire from the Bank after 18 illustrious years at Citi and a career spanning 35 years. Ravi attained the superannuation age last year and stayed back at the firm’s request. Ravi is actively thinking about professional and entrepreneurial opportunities he wishes to pursue going forward.

Ravi took over the current role in 2010. Over last 13 years in his role as BCMA Head, he has been instrumental in developing deep client relationships with large Indian Conglomerates, mid-market companies and market participants at senior most level and built a leading Investment Bank in India which continues to receive industry accolades. His relentless focus, tireless work ethic and passion for his team and the Citi brand have helped build an enviable capability in a highly competitive and rapidly growing market.

K Balasubramanian (Bala) will add the India and South Asia BCMA head responsibility to his current Corporate Bank Head role. This move recognizes Bala’s stature, both internally and externally with the clients. Rahul Saraf will continue to head Investment Banking for India.

About 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 nearly 160 countries and jurisdictions, providing corporations, governments, investors, institutions, and individuals with a broad range of financial products and services.

Additional information may be found at www.citigroup.com | Twitter: @Citi | LinkedIn: www.linkedin.com/company/citi | YouTube: www.youtube.com/citi | Facebook: www.facebook.com/citi

About Citi Foundation

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 nearly 160 countries and jurisdictions, providing corporations, governments, investors, institutions, and individuals with a broad range of financial products and services.

Additional information may be found at www.citigroup.com | Twitter: @Citi | LinkedIn: www.linkedin.com/company/citi | YouTube: www.youtube.com/citi | Facebook: www.facebook.com/citi

FOR IMMEDIATE RELEASE
July 13, 2023

Youth Co:Lab Summit 2023: Asia Pacific’s Largest Youth Social Entrepreneurs Gathering Highlights Inclusive Entrepreneurship

The Regional Youth Co:Lab Summit, jointly organized by Citi Foundation and the United Nations Development Programme (UNDP), positions young people front and center to solve the region’s most pressing challenges

Bangkok – Close to 200 participants representing 20 countries and territories gathered in Bangkok, Thailand to discuss how they can help tackle the world’s most pressing societal challenges through leadership, social innovation, and entrepreneurship at the Youth Co:Lab Regional Summit 2023.

Centered on the theme of Inclusive Entrepreneurship, the participants had a common agenda to encourage and celebrate the role of youth in accelerating the implementation of the United Nations Sustainable Development Goals (SDGs), showcasing and inspiring action from underserved communities, and finding solutions to support the most excluded social groups.

Hosted at the United Nations Conference Center (UNCC) in Bangkok, the Summit by Citi Foundation and UNDP is being held in partnership with the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP), Commonwealth Secretariat, CVC Capital Partners, the International Labour Organization (ILO), and the Islamic Development Bank (IsDB).

The Summit convened close to 200 people from diverse backgrounds including young social entrepreneurs, government delegates, private sector partners, investors, accelerators, academia, and other youth community partners, with over 6,700 participants joining virtually.

This year’s Summit focused on enabling inclusive entrepreneurship to ensure equitable progress that ‘Leave No One Behind’, particularly those from vulnerable and marginalized communities. Young social entrepreneurs presented their inclusive solutions including female- centered solutions and solutions impacting indigenous communities.

“At Citi and the Citi Foundation, we are committed to fully embracing the diversity of the communities we serve. Through initiatives such as the Youth Co:Lab Summit, we hope to bring together partners to support young people’s entrepreneurial journeys and break down barriers that inhibit inclusive progress,” said Peter Babej, Asia Pacific CEO at Citi.

“Today, young people across the Asia-Pacific region are not only aware of present-day challenges that affect their communities, they are also taking proactive steps to make a difference. If we harness the entrepreneurial mindsets of these young people and involve them in making innovative solutions based on their personal experiences, we can build bridges to inclusive growth” said Violet Baffour, UNDP Bangkok Regional Hub Director, Officer-in-Charge.

This Summit is an incredibly valuable opportunity as it provides a forum that goes above and beyond to reach marginalized communities and to empower young social enterprises that are bringing services and products to underserved groups” she added.

Youth Co:Lab, co-created by UNDP and the Citi Foundation in 2017, is the largest youth movement for empowerment, social entrepreneurship, equality, and social inclusion in Asia Pacific and has supported young people in 28 countries and territories. Since its inception, activities supported by Youth Co:Lab have reached 255,000 participants across the Asia Pacific region.

Youth Co:Lab Summit 2023

Photo caption: Representatives from Citi and Citi Foundation, UNDP, government partners and young social entrepreneurs at the opening session of Youth Co:Lab Summit 2023

About 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 nearly 160 countries and jurisdictions, providing corporations, governments, investors, institutions, and individuals with a broad range of financial products and services.

Additional information may be found at www.citigroup.com | Twitter: @Citi | LinkedIn: www.linkedin.com/company/citi | YouTube: www.youtube.com/citi | Facebook: www.facebook.com/citi

About Citi Foundation

The Citi Foundation works to promote economic progress and improve the lives of people in low-income communities around the world. We invest in efforts that increase financial inclusion, catalyze job opportunities for youth, and reimagine approaches to building economically vibrant communities. The Citi Foundation's "More than Philanthropy" approach leverages the enormous expertise of Citi and its people to fulfill our mission and drive thought leadership and innovation. For more information, visit www.citifoundation.com.

About UNDP

UNDP is the leading United Nations organization fighting to end the injustice of poverty, inequality, and climate change. Working with our broad network of experts and partners in 170 countries, we help nations to build integrated, lasting solutions for people and the planet. Learn more at undp.org or follow at @UNDP.

FOR IMMEDIATE RELEASE
Citigroup Inc. (NYSE: C)
June 14, 2023

CITI LAUNCHES SUSTAINABLE DEPOSITS SOLUTION FOR INSTITUTIONAL CLIENTS IN INDIA

India is the third market in Asia Pacific after Singapore, Hong Kong to launch this product for clients Program now serves clients across Europe, the Middle East and the U.S.

India: Citi today announced the launch of a new sustainable time deposit solution in India, designed to assist institutional clients when investing excess cash while supporting their sustainability goals. The new sustainable time deposit solution reflects growing interest in sustainable investment, products and services from clients. India is the third market in Asia Pacific after Singapore and Hong Kong to launch this product for clients, expanding Citi’s program that now serves clients across Europe, the Middle East and the U.S.

The funds deposited in this product, offered by Citi in India, will support projects identified under the Citi Social Finance Framework. The funds will be allocated by Citi to finance or refinance assets in a portfolio of eligible social finance projects, including those expanding access for low-income and underserved communities across affordable basic infrastructure, affordable housing, economic inclusion, education, food security and healthcare.

“Sustainable solutions in India are gaining significant traction from clients who are looking for customized solutions to help meet their sustainability goals. The expansion of our sustainable deposits product suite in India shall support our clients in their ESG-transition journey,” says Mridula Iyer, Head of Treasury and Trade Solutions, Citi India and South Asia.

The sustainable time deposit solution is the latest addition to the suite of sustainable products introduced by TTS in India, including sustainable supply chain financing and sustainable trade loans. “The sustainable deposit solutions that were launched in Hong Kong and Singapore last year have proved to be a popular investment option for our finance and treasury clients to date,” said Sandip Patil, Asia Pacific Head of Liquidity Management Services and Digital Assets, Treasury and Trade Solutions, Citi.

Through its Social Finance team, Citi has over a 15-year track record of developing new business models and partnerships that leverage market-based approaches to improve the livelihoods of low-income communities. These solutions enable Citi, its clients, and partners to expand financial inclusion, accelerate access to basic services, boost job creation and scale social infrastructure development in emerging markets. As part of its social finance focus, Citi is aiming to invest in opportunities for 15 million low-income households, including 10 million women globally by 2025.

At Citi, helping clients navigate the challenges and embrace the opportunities of a rapidly changing world is fundamental to its mission of enabling growth and economic progress. Through its sustainable solutions offerings and $1 Trillion Sustainable Finance Goal by 2030, Citi is financing and facilitating a wide range of activities including renewable energy, sustainable transportation, healthcare, and affordable housing, to help support reaching a sustainable, low-carbon economy that supports the environmental, social, and economic needs of society.

About Citi’s Treasury and Trade Solutions

Citi Treasury and Trade Solutions (TTS) enables our clients' success by providing an integrated suite of innovative and tailored cash management and trade finance services to multinational corporations, financial institutions and public sector organizations across the globe. Based on the foundation of the industry's largest proprietary network with banking licenses in over 90 countries and globally integrated technology platforms, TTS continues to lead the way in offering the industry's most comprehensive range of digitally enabled treasury, trade and liquidity management solutions.

About 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 nearly 160 countries and jurisdictions, providing corporations, governments, investors, institutions, and individuals with a broad range of financial products and services.

Additional information may be found at www.citigroup.com | Twitter: @Citi | LinkedIn: www.linkedin.com/company/citi | YouTube: www.youtube.com/citi | Facebook: www.facebook.com/citi

FOR IMMEDIATE RELEASE
Citigroup Inc. (NYSE: C)
June 1, 2023

Indian School of Development Management (ISDM) and Citi India launch Centre for Innovative Finance and Social Impact (CIFSI)

To boost research in innovative financing towards social impact, complementing traditional funding

New Delhi: Indian School of Development Management (ISDM) and Citi India announced the launch of the Centre for Innovative Finance and Social Impact (CIFSI) to enhance research on innovative financing and raise dialogue among public and private stakeholders to tackle developmental challenges.

The development community is utilising innovative financing tools, such as impact investing and social impact bonds, to draw funds towards programs that are aimed at solving global challenges, such as alleviating poverty, improving living standards, and conserving the environment. CIFSI will serve as a platform for social purpose organisations, academia, research, and practitioners to identify and ensure access to social financing approaches for the future.

Mr. Ashu Khullar Citi India CEO said, “Citi is delighted to extend support to ISDM’s Centre for Innovative Finance and Social Impact. The Centre and its objectives resonate with Citi’s commitment to seed innovation in financing tools that aid and accelerate social impact in crucial areas such as climate and poverty. We have seen a growing appetite from clients to focus on sustainable programs that yield results as part of their own ESG goals. We are also seeing an increase in association between the public and private sector.”

The launch took place at a strategic convening titled, ‘Investing in Social Change: The Role of Innovative Finance in Driving Positive Impact’ in New Delhi, at the India International Centre. Serving as a distinctive platform for renowned experts to engage in thought-provoking discussions, the convening deciphered the engagement and research objectives of CIFSI for the development sector. The event was graced by the presence of eminent dignitaries and distinguished experts.

''The primary objective of the convening is to pave the way for future deliberations and drive conversations on Innovative Finance (IF) tools in the sector. It will garner visibility of future products and knowledge on IF that CIFSI will focus on. The initiative serves as a remarkable forum for meaningful discourse and collaboration among industry experts and stakeholders in the development sector, facilitating opportunities for valuable collaborations and insights,'' said Mr. Ravi Sreedharan, Founder and President, ISDM.

ISDM, a preeminent institution focused on establishing and strengthening the domain of Development Management, and Citi India, through CSR efforts, are launching two research set-ups, Centre for Innovative Finance and Social Impact (CIFSI) and Centre for Data Science and Social Impact (CDSSI).

The convening addressed areas including diversifying Innovative Finance for Social Purpose Organisations (SPOs) across domains; highlighted possible financing tools for SPOs to tap as well as challenges and regulatory changes required to access Social Stock Exchange (SSEs) platforms for SPOs. It also tapped into sector requirements towards Innovative Finance.

The occasion also featured insightful roundtable discussions featuring seasoned professionals from the Innovative Finance industry and SPOs. The discussions delved into the potential of Innovative Finance to enhance resources and diversify the efforts of SPOs, as well as to create a more realistic impact framework for the sector.

About 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 nearly 160 countries and jurisdictions, providing corporations, governments, investors, institutions and individuals with a broad range of financial products and services.

Additional information may be found at www.citigroup.com | Twitter: @Citi | YouTube: www.youtube.com/citi | Blog: http://blog.citigroup.com | Facebook: www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi

About Citi India:

Committed to India for 120 years, Citi takes pride in being a premier locally embedded financial institution, backed by an unmatched global network. Citi is an employer of choice in India and, through its Institutional Clients Group (ICG) segment, serves a full spectrum of clients - from helping India's top global corporations commit capital, make markets and manage their global cash positions to supporting the growth ambitions of the country's small and mid-sized enterprises. In line with our commitment to make a positive difference in the communities we work in, Citi is focused on creating initiatives across seven critical areas – Disaster Relief, Entrepreneurship Development, Youth Employability, Inclusive Finance, Art and Culture, Social Innovation, and Good Citizenship as part of its CSR efforts.

Additional information may be found at: www.citibank.co.in | Facebook: www.facebook.com/citiindia

About ISDM

The Indian School of Development Management (ISDM) is a first-of-its-kind, internationally renowned and autonomous institution collectively set up in 2016 to establish the domain of Development Management as distinctly different from business management or public administration and enable social purpose organisations to have an impact at population scale. ISDM is envisioned as an institution that would catalyse the building of theory and practice of Development Management and transform the way in which social purpose organisations are led and managed.

FOR IMMEDIATE RELEASE
Citigroup Inc. (NYSE: C)
April 17, 2023

CITI INDIA COMPLETES FIRST BLOCKCHAIN ENABLED LETTER OF CREDIT TRANSACTION ON CONTOUR

The end-to-end digital transaction was completed for Cummins India Limited on Contour, the blockchain-based platform

India/Hong Kong: Citi India has completed its first blockchain-enabled Letter of Credit (LC) transaction on Contour for its client Cummins India Limited (Cummins), a diversified industrials manufacturing company. The transaction is a first for both Cummins and Citi India on Contour, as Citi continues to advance its trade digitization efforts and further enhance client experience.

Contour is a global digital trade finance network, powered by blockchain technology, that enables multiple parties – banks, corporates, and logistic partners – to collaborate seamlessly and securely in real-time on a single platform. Citi is a founding member bank of Contour.

Contour’s decentralized global trade finance network has proven that LC processing time can fall by as much as 90%. Under the LC, document presentation usually takes 5-10 days, while for Cummins it was completed in three hours. This also marked the first domestic end-to-end blockchain enabled LC transaction completed on Contour in India.

Mridula Iyer, Head of Treasury and Trade Solutions, Citi South Asia, said, “A top priority for our trade business globally, and in India, is to simplify trade processes and reduce transaction time, as well as provide clients access to trade financing and working capital solutions, through digital platforms. Platforms such as Contour bring together multiple partners involved in a trade transaction while eliminating the need for paper-heavy documentation and is a critical enabler of trade digitization. We are extremely pleased to be able to partner with Cummins and Contour in executing this transaction”.

Citi, through its Treasury and Trade Solutions (TTS) business in India, served as both LC Advising and Issuing Bank. The transaction illustrates the strength of the ‘One Citi’ proposition where Citi’s market-leading digital solutions under its TTS business was able to offer a safer, faster, and paperless solution for the LC transaction between Cummins and its customer, which are corporate and commercial banking clients of Citi, respectively.

Ajay Patil, VP and CFO, Cummins said, “We are a technology driven company and our key priority is to digitize our processes. We are happy that Contour and Citi worked with us to launch the first blockchain enabled LC transaction in India. We believe that by digitizing our processes we are able to drive efficiency across the value chain and is a win-win solution for stakeholders”.

About Citi’s Treasury and Trade Solutions

Citi Treasury and Trade Solutions (TTS) enables our clients' success by providing an integrated suite of innovative and tailored cash management and trade finance services to multinational corporations, financial institutions and public sector organizations across the globe. Based on the foundation of the industry's largest proprietary network with banking licenses in over 90 countries and globally integrated technology platforms, TTS continues to lead the way in offering the industry's most comprehensive range of digitally enabled treasury, trade and liquidity management solutions.

About 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 nearly 160 countries and jurisdictions, providing corporations, governments, investors, institutions, and individuals with a broad range of financial products and services.

Additional information may be found at www.citigroup.com | Twitter: @Citi | LinkedIn: www.linkedin.com/company/citi | YouTube: www.youtube.com/citi | Facebook: www.facebook.com/citi

FOR IMMEDIATE RELEASE
Citigroup Inc. (NYSE: C)
April 11, 2023

Citi, JICA Co-finance Funding for IndusInd Bank towards Agriculture Sector

Co-financing from Citi and JICA to improve access to finance for farmers and raise agriculture productivity

Mumbai/Tokyo -- Citi and the Japan International Cooperation Agency (JICA) have announced a co-financing loan to IndusInd Bank Limited (IndusInd Bank), an Indian private commercial bank. This includes a USD 30 million loan by Citi and JPY 13 billion loan by JICA. This high impact social finance offering that Citi arranged for IndusInd Bank is expected to improve financial access for farmers and catalyze capital investment in the agricultural sector in India.

Per Government data, the agricultural sector is an important part of the Indian economy, accounting for approximately 17% of GDP and 45% of employment. As the need to raise agricultural productivity to improve farmers’ incomes increases, there is also an urgent need to improve access to finance to stimulate capital investments in the agricultural sector.

IndusInd Bank, one of the country's leading private financial institutions has presence in key agro centres across rural and semi urban locations of India. This project will support the efforts of IndusInd Bank in strengthening its lending to the agricultural sector by leveraging its presence in rural areas. In this new collaborative agreement, Citi acted as the co-financing lender, arranger, coordinator, and facility agent.

“This social financing to IndusInd Bank will be used by farmers to purchase farm equipment, crops, seeds, and fertilizers, as well as by small agricultural supply chain service providers. This transaction, in which Citi collaborates with JICA, marks our first structured co-financing arrangement to support India’s agricultural sector,” said
K Balasubramanian, Head of Corporate Bank for Citi in South Asia covering India, Bangladesh, and Sri Lanka.

This agreement highlights Citi and JICA’s support for strengthening food security in the country through funding the agricultural sector and sustainable food systems.

Citi’s has committed $1 trillion to sustainable finance by 2030, as well as expanding access to basic services for 15 million underserved and low-income households, including 10 million women. This financing contributes to Goals 1, 8, and 17 of the Sustainable Development Goals (SDGs), reducing disparities in India by helping improve financial access to projects that contribute to solving agricultural issues. It also helps contribute to food security amid concerns of high food prices and supply shortages due to instability in the global situation.

About 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 nearly 160 countries and jurisdictions, providing corporations, governments, investors, institutions and individuals with a broad range of financial products and services.

Additional information may be found at www.citigroup.com | Twitter: @Citi | YouTube: www.youtube.com/citi | Blog: http://blog.citigroup.com | Facebook: www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi

About Citi India:

Committed to India for 120 years, Citi takes pride in being a premier locally embedded financial institution, backed by an unmatched global network. Citi is an employer of choice in India and, through its Institutional Clients Group (ICG) segment, serves a full spectrum of clients - from helping India's top global corporations commit capital, make markets and manage their global cash positions to supporting the growth ambitions of the country's small and mid-sized enterprises. In line with our commitment to make a positive difference in the communities we work in, Citi is focused on creating initiatives across seven critical areas – Disaster Relief, Entrepreneurship Development, Youth Employability, Inclusive Finance, Art and Culture, Social Innovation, and Good Citizenship as part of its CSR efforts.

Additional information may be found at: www.citibank.co.in | Facebook: www.facebook.com/citiindia

FOR IMMEDIATE RELEASE
Citigroup Inc. (NYSE: C)
April 05, 2023

Citi Launches Gujarat International Finance Tec-City - International Financial Services Center (GIFT-IFSC) Branch

Executes pilot transaction for client

Gandhinagar -- Citi announced the launch of its branch at Gujarat International Finance Tec-City - International Financial Services Center (GIFT-IFSC). Citi will offer corporate clients long- and short-term financing solutions through the IFSC branch, while providing an international financial banking experience within India Standard Time zone. The branch will offer external commercial borrowings and trade loans, addressing foreign currency funding requirements of multinationals, large local corporates and financial institutions, as well as emerging mid-corporates.

“The opening of our IFSC branch is a critical step in our global strategy as we enhance our offerings for corporate clients. Our IFSC branch will improve client experience and turnaround times. We are keenly following the rapid developments being introduced at this dynamic financial center and are excited for the opportunities GIFT-IFSC brings for Citi,” said Ashu Khullar, CEO, Citi India.

Congratulating Citi on this occasion, Mr. Injeeti Srinivas, Chairman of International Financial Services Centres Authority (IFSCA) said, "I welcome Citi to the IFSC family. We envision IFSC as a truly international platform with the presence of global financial institutions. Commencement of Citi's operations at IFSC is another step towards realizing this vision.”

Citi launched its operations by booking the first loan for a marquee client, a large global conglomerate, SRF Limited. Mr. Ashish Bharat Ram, MD, SRF Limited expressed his pleasure in being a part of this momentous event with Citi and for their pilot transaction from one of the top Global Financial Centers. Mr. Bharat Ram said “The IFSC, being India’s first global financial services hub, brings with it several new opportunities for large conglomerates like ourselves by simplifying our global treasury activities. Citi has always been at the forefront of innovation and has been a great partner to SRF in many industry and market-first transactions.”

Mr. Rahul Jain, CFO, SRF Limited was highly appreciative of the swiftness with which the maiden foreign currency transaction was completed with Citi. Mr. Jain said “Citi continues to pave the way in seamlessly executing complex and innovative trades across the corporate landscape in India. We are looking forward to the positive impact that IFSC will create in the Indian banking ecosystem.”

The branch at GIFT-IFSC will bring Citi’s global and Indian clients that have cross-border needs solutions such as structured trade, corporate financing, and acquisition financing.

About 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 nearly 160 countries and jurisdictions, providing corporations, governments, investors, institutions and individuals with a broad range of financial products and services.

Additional information may be found at www.citigroup.com | Twitter: @Citi | YouTube: www.youtube.com/citi | Blog: http://blog.citigroup.com | Facebook: www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi

About Citi India:

Committed to India for 120 years, Citi takes pride in being a premier locally embedded financial institution, backed by an unmatched global network. Citi is an employer of choice in India and, through its Institutional Clients Group (ICG) segment, serves a full spectrum of clients - from helping India's top global corporations commit capital, make markets and manage their global cash positions to supporting the growth ambitions of the country's small and mid-sized enterprises. In line with our commitment to make a positive difference in the communities we work in, Citi is focused on creating initiatives across seven critical areas – Disaster Relief, Entrepreneurship Development, Youth Employability, Inclusive Finance, Art and Culture, Social Innovation, and Good Citizenship as part of its CSR efforts.

Additional information may be found at: www.citibank.co.in | Facebook: www.facebook.com/citiindia

For Immediate Release
Citigroup Inc. (NYSE: C)
9 March 2023

Citi Names Bhanu Vohra Head of Commercial Banking in India

Mumbai: Citi today announced Bhanu Vohra as Head of Commercial Banking, India. Bhanu will be responsible for the Citi Commercial Bank (CCB) business in India, which addresses the banking and financial services needs of emerging large corporates and mid-market enterprises through Citi’s global footprint, international capabilities and innovative solutions.

Bhanu will be based in Mumbai, reporting to CEO of Citi India, Ashu Khullar, and in the region to Head of Citi Commercial Bank Asia Pacific, Rajat Madhok. He replaces Tushar Vikram, who becomes the Global Head of Healthcare for CCB.

CCB in India banks 45% of the country’s unicorns and is focused on developing deep industry expertise to support clients across healthcare, chemicals, consumer, technology, industrials and digital and multinationals, amongst others.

Bhanu joined Citi in 2000 and has held various senior roles, spanning diverse businesses in Citi, both in the Asia Pacific and Europe Middle East and Africa (EMEA) regions. Bhanu worked in Citi’s Global Markets businesses across both regions before returning to India to become Country Head of the Global Subsidiaries Group in Citi’s Banking Capital Markets and Advisory (BCMA) business."

Throughout his career at Citi, he has also held positions in Citi’s Treasury and Trade Services (TTS) business and Operations & Technology. He is a Chartered Accountant by qualification.

About 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 nearly 160 countries and jurisdictions, providing corporations, governments, investors, institutions and individuals with a broad range of financial products and services.

Additional information may be found at www.citigroup.com | Twitter: @Citi | YouTube: www.youtube.com/citi | Blog: http://blog.citigroup.com | Facebook: www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi

About Citi India:

Committed to India for 120 years, Citi takes pride in being a premier locally embedded financial institution, backed by an unmatched global network. Citi is an employer of choice in India and, through its Institutional Clients Group (ICG) segment, serves a full spectrum of clients - from helping India's top global corporations commit capital, make markets and manage their global cash positions to supporting the growth ambitions of the country's small and mid-sized enterprises. In line with our commitment to make a positive difference in the communities we work in, Citi is focused on creating initiatives across seven critical areas – Disaster Relief, Entrepreneurship Development, Youth Employability, Inclusive Finance, Art and Culture, Social Innovation, and Good Citizenship as part of its CSR efforts.

Additional information may be found at: www.citibank.co.in | Facebook: www.facebook.com/citiindia

For Immediate Release
Citigroup Inc. (NYSE: C)
1 March 2023

CITI COMPLETES SALE OF INDIA CONSUMER BANKING TO AXIS BANK LIMITED SEVEN TOTAL DIVESTITURES COMPLETED AS PART OF CITI’S STRATEGY REFRESH

Mumbai: Citi announced today it has completed the sale of Citi’s India consumer business to Axis Bank Limited (Axis). The sale, which Citi and Axis first announced in March 2022, includes credit cards, retail banking, wealth management and consumer loans, as well as the transfer of approximately 3,200 Citi employees.

Citi's institutional client businesses in India are excluded from the sale and Citi remains focused on serving institutional clients in India and globally.

Since announcing intentions to exit consumer banking across 14 markets in Asia, Europe, the Middle East and Mexico as part of its strategic refresh, Citi has signed sales agreements in nine markets and has now closed sales in seven markets including Australia, Bahrain, Malaysia, the Philippines, Thailand and Vietnam, in addition to India. The firm previously announced wind-downs of Citi’s consumer business in China and Korea, and the wind-down of Citi’s overall presence in Russia is in progress.

Peter Babej, Citi Asia Pacific CEO, said, "India remains a critical institutional market for Citi. In line with our broader strategic repositioning, we will continue to support our institutional clients in this core market and across APAC, delivering the full power of our global network to enable their growth."

Citi CEO of Legacy Franchises Titi Cole said, “Completing this landmark sale in India is a key milestone for Citi as we execute on our firm’s strategy refresh. We sincerely thank our former colleagues and clients for their contributions and loyalty and wish them continued success.”

Citi India CEO Ashu Khullar said, “I am extremely proud of my consumer banking colleagues, who were steadfast in their client focus and service during this period, and who I know will continue to redefine excellence in banking as they take on new roles at Axis Bank. My thanks to my colleagues in India and globally, who made this transition seamless for both customers and Citi employees. We believe we’ve found the right home for our clients and our people. We remain focused on capturing the India opportunity by growing our already very strong institutional clients’ businesses, and supporting our global operations with the country’s exceptional talent base through our network of five Citi Solutions Centers.”

Citi in India is a banking partner to around 30% of Indian multinational companies and approximately 45% of the country's unicorns. We manage 8% of India’s trade flows and around 4.5% of electronic payment flows. We also support foreign portfolio investors get access to Indian markets – managing about a third of their activities in India as a custodian. Over the last two decades, Citi advised clients with episodic business, including capital raising and M&A worth ~$500 billion with leadership across Investment Banking products. Citi is also one of the oldest foreign equity houses, established in 1999, and is the go-to bank for foreign exchange and local markets solutions with a leading digital FX platform that manages risk.

About 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 nearly 160 countries and jurisdictions, providing corporations, governments, investors, institutions and individuals with a broad range of financial products and services.

Additional information may be found at www.citigroup.com | Twitter: @Citi | YouTube: www.youtube.com/citi | Blog: http://blog.citigroup.com | Facebook: www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi

About Citi India:

Committed to India for 120 years, Citi takes pride in being a premier locally embedded financial institution, backed by an unmatched global network. Citi is an employer of choice in India and, through its Institutional Clients Group (ICG) segment, serves a full spectrum of clients - from helping India's top global corporations commit capital, make markets and manage their global cash positions to supporting the growth ambitions of the country's small and mid-sized enterprises. In line with our commitment to make a positive difference in the communities we work in, Citi is focused on creating initiatives across seven critical areas – Disaster Relief, Entrepreneurship Development, Youth Employability, Inclusive Finance, Art and Culture, Social Innovation, and Good Citizenship as part of its CSR efforts.

Additional information may be found at: www.citibank.co.in | Facebook: www.facebook.com/citiindia

For Immediate Release
Citigroup Inc. (NYSE: C)
24 January 2023

Citi Appoints Aditya Bagree as Head of Markets for India and South Asia Cluster

Badrinivas NC appointed Head of Markets Treasury for Citi, Asia Pacific

Mumbai: Citi today announced the appointment of Aditya Bagree as Head of Markets for Citi India and the South Asia cluster, consisting of Sri Lanka and Bangladesh. Aditya replaces Badrinivas NC (Badri), who was recently appointed as Head of Markets Treasury for Citi, Asia Pacific.

Aditya will report to Ashu Khullar, Citi India CEO and Region Head South Asia, and Julia Raiskin, Asia Pacific Head of Markets, Citi. Aditya’s responsibilities include developing and implementing regional product delivery strategies for India and the South Asia cluster, leading senior regulatory and client relationships in the region, and establishing a strong risk management discipline and culture. He is also now part of the Citi Leadership Team for India as well as the Asia Pacific Markets Operating Committee. Aditya also takes on the Country Treasurer responsibility from Badri in the interim period.

Since joining Citi India in 2011, Aditya has held a number of important senior leadership positions where, most recently, he was the Head of Asia Local Corporate Credit Trading and Global Spread Products in India. In this role, Aditya consistently increased franchise revenue and market share and built the Global Spread Products, Financing & Securitization, and Commercial Real Estate financing business in India. His overall banking experience spans 21 years across roles in structured products and trading. Aditya completed his post-graduation from IIM Ahmedabad.

Badri, in his new role as Head of Markets Treasury for Citi, Asia Pacific, is responsible for overseeing the management of Markets Treasury activity across Asia Pacific within permissible regulatory and internal frameworks and risk tolerances across the region’s legal vehicles. Badri has 25 years of banking experience across products (assets & liabilities) and functions (Operations, Product, Marketing, Sales & Treasury). Badri will be relocating to Singapore. He is also now part of the Markets Treasury Global Leadership Team as well as the Asia Pacific Markets Operating Committee.

Citi has been present in India since 1902. The bank’s Markets business in the country is among the top three for Citi globally and caters to a diverse set of clients across large local corporates, multinationals, mid-market enterprises, SMEs, banks, financial institutions, Asset Managers, and provident funds. It is a dominant player in fixed income, currencies, commodities, credit, investments, equity sales, and research.

About 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.

Additional information may be found at www.citigroup.com | Twitter: @Citi | YouTube: www.youtube.com/citi | Blog: http://blog.citigroup.com | Facebook: www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi

About Citi India:

Committed to India for 120 years, Citi takes pride in being a premier locally embedded financial institution, backed by an unmatched global network. Citi is an employer of choice in India offering consumers and institutions a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, brokerage, treasury and trade services, securities and fund services and wealth management. In line with our commitment to make a positive difference in the communities we work in, Citi is focused on creating initiatives across seven critical areas – Disaster Relief, Entrepreneurship Development, Youth Employability, Inclusive Finance, Art and Culture, Social Innovation, and Good Citizenship as part of its CSR efforts.

Additional information may be found at: www.citibank.co.in | Facebook: www.facebook.com/citiindia

Dec

FOR IMMEDIATE RELEASE
Citigroup Inc. (NYSE: C)
December 18, 2023

Citi launches CitiDirect® Document Center in India

Mumbai: Citi today announced the launch of CitiDirect Document Center, a new service for institutional clients in India, as trade and commerce, global supply chain integration, and investments, all spur demand for cross-border payments in and out of the country. India becomes the fifth market in Asia to offer this solution.

The service is designed to digitize supporting documents and streamline and simplify relevant processes to facilitate cross-border transactions. CitiDirect Document Center was first introduced in South Africa in March 2021, and subsequently launched in Vietnam, Thailand, Philippines, and Sri Lanka. The service has reduced turnaround time by about 40% on average, for clients’ cross-border payments, in the four Asian markets where it is already live. India becomes the first country to launch the service with enhanced features on a new interface of the CitiDirect platform. These features include allowing users to view upfront document requirements for the purpose of payment and input key regulatory information (as applicable) at the time of payment initiation. The new look-and-feel of the interface gives clients a simple, intuitive, and user-friendly experience to execute cross-border payments.

“CitiDirect Document Center aims to enhance and streamline the management of cross-border payments in India, a country that is increasingly becoming an integral part of global supply chain strategies. As more local businesses grow rapidly and expand internationally, CitiDirect Document Center will empower clients to respond to global opportunities and help facilitate seamless cross-border transactions for their day-to-day operations,” said Mridula Iyer, Asia South, Treasury & Trade Solutions (TTS) Cluster & Corporate, Commercial & Public Sector (CCPS) Sales Head, Citi.

Clients in India also have an alternative host-to-host channel option to securely transmit document files through direct connectivity with Citi, without any manual intervention or touchpoints.

One of the primary complexities of cross-border transactions is to handle the associated supporting documents manually to meet various FX control and regulatory requirements, which could lead to potential delays. Through this new service, all documents can be uploaded, managed and tracked digitally within a single digital platform, CitiDirect.

"We are committed to enable a more seamless, efficient and simpler payment experience for our clients, while providing greater transparency and the tools to better manage day-to-day processes”, said Naman Kapoor, India Payments & Liquidity Head, Citi.

CitiDirect Document Center enables users the option to upload documents post payment initiation, including the ability to add, modify or take action on documents online. The document status information will also be available in Citi Payment Insights, enabling an integrated and transparent view of both the payments and documents for holistic management of clients’ cash movement.

Citi has been helping our clients grow by empowering them to adopt digital transformation, and introducing new solutions and capabilities that improves client experience and reduces friction in our clients’ cross-border payments activity, thereby enabling greater efficiency and scalability.

About 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.

Additional information may be found at www.citigroup.com | Twitter: @Citi | YouTube: www.youtube.com/citi |
Blog: http://blog.citigroup.com | Facebook: www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi

About Citi India:

Committed to India for over 115 years, Citi takes pride in being a premier locally embedded financial institution, backed by an unmatched global network. Citi is an employer of choice in India offering consumers and institutions a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, brokerage, treasury and trade services, securities and fund services and wealth management. In line with our commitment to make a positive difference in the communities we work, Citi India's citizenship program targets its strategic efforts in the priority areas of Financial Capability & Asset Building, Microfinance, Enterprise Development, and Youth, Education & Livelihoods.

Sep

For Immediate Release
Citigroup Inc. (NYSE: C)
[September 13, 2023]

Citibank India Launches Work From Home (WFH) Option for 12 months post Maternity Leave

Additional WFH option during the last trimester for women employees

One of the first organizations to implement Government of India advisory

Mumbai: Citibank has launched a pioneering WFH option for its women employees who now can request for working from home for a period of up to 12 months at the end of their maternity leave of 26 weeks. Additionally, on need basis, a woman employee can request 3 months of work from home in the last trimester of pregnancy, subject to review and approvals. This potentially provides a cumulative period of 21 months of working from home for expecting/new mothers.

Citi India is one of the first organizations to implement the maternity linked WFH initiative in response to the Government of India’s advisory thereby making it as an implementable rule for the benefit of the women and helping new mothers successfully balance their family and career.

Citi India & South Asia, Chief Human Resources Office, Aditya Mittal, said, “We are delighted to pioneer this for our women colleagues across the Citi India franchise. Most studies on women participation in the workforce suggest that women tend to drop out or take a long break in their employment during this stage which impacts their careers and eventually the percentage of women at senior levels in organizations. This is a big and timely step to ensure we retain women talent and support their career aspirations when they need it the most. Hopefully, this will encourage more industry initiatives to implement the Government’s vision.”

Megha Mangal, Digital Software Engineer, Personal Banking and Wealth Management, recently resumed from her maternity break. She said, “Citi's support during this crucial time in my life is invaluable. It allowed me to fully embrace the joys and challenges of motherhood without worrying about my career. The peace of mind knowing that I could continue contributing to my job working from home made my transition into motherhood so much smoother. Citi's maternity leave policy exemplifies its dedication to creating a positive and inclusive work environment.”

With Citi India having over 30,000 employees of which 38% are women, this initiative is expected to widely benefit women by ensuring continuity of their careers with Citi as also building a seamless pipeline to augment the already strong 30% women representation at mid-senior/senior positions.

Citi has been continuously launching initiatives around work-life balance and Diversity, Equity and Inclusion. In 2019, it became one of the first companies to disclose its unadjusted, or ‘raw’ pay gaps for both women and U.S. minorities. In 2021, it was the first Wall Street Bank to launch the flexible working model. Sustained initiatives such as setting aspirational representation goals in 2018 - and having achieved them at the end of 2021 – raising the bar again in 2022 reflects in the growing diversity at Citi, in India and globally.

About 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.

Additional information may be found at www.citigroup.com | Twitter: @Citi | YouTube: www.youtube.com/citi | Blog: http://blog.citigroup.com | Facebook: www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi

About Citi India:

Committed to India for over 115 years, Citi takes pride in being a premier locally embedded financial institution, backed by an unmatched global network. Citi is an employer of choice in India offering consumers and institutions a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, brokerage, treasury and trade services, securities and fund services and wealth management. In line with our commitment to make a positive difference in the communities we work, Citi India's citizenship program targets its strategic efforts in the priority areas of Financial Capability & Asset Building, Microfinance, Enterprise Development, and Youth, Education & Livelihoods.

Additional information may be found at: www.citibank.co.in | Facebook: www.facebook.com/citiindia

For Immediate Release
Citigroup Inc. (NYSE: C)
September 12, 2023

Citibank India Reports Earnings for the Financial Year Ended March 31, 2023

Revenue up 16% Year-on-Year; Profit After Tax up 26% Year-on-Year

Mumbai: Citibank N.A. in India (Citibank India) announced its financial results for the year ended March 31, 2023. Citibank India had a strong financial performance for the financial year 2022-23 with an underlying 16% year-on-year growth in revenue (net of interest expense) and 26% growth in profit after tax (PAT), excluding the one-time gain on sale of consumer banking business in India to Axis Bank Limited. PAT stood at INR 13,614 crores on a reported basis, which included a post-tax one-time gain on sale of consumer banking business of INR 8,914 crores and underlying profit of INR 4,700 crores, versus INR 3,727 crores PAT in the previous financial year. Total assets stood at INR 217,302 crores as at March 31, 2023.

Citibank India’s net interest margin for the financial year 2022-23 was 5.15% versus 4.65% for the previous financial year. Asset quality remained strong with gross non-performing asset (NPA) ratio at 0.41% (previous year: 1.07%) and net NPA ratio at 0.00% (previous year: 0.39%) as at financial year end.

Citibank India is banker to 30% of India’s multi-national companies2. As of March 31, 2023, Citibank India held a 4.1% market share in electronic fund transfers3 and an 8% share of India’s merchandise and software services trade flows4. Citibank India is also a leading custodian managing approximately 35% of foreign portfolio investor flows in India5.
On these results, Citibank India CEO Ashu Khullar said:

“The disciplined execution of our refreshed strategy has led to strong earnings. We are leveraging the capabilities in our Institutional Clients Group (ICG) business to support our clients’ needs through best-in- class innovative solutions across our Trade and Treasury Solutions, Markets and Securities Services businesses, leveraging the strength of our global network while providing a wide suite of products and services to our clients through our client coverage teams in Corporate Banking and Commercial Banking. This has led to robust growth in the Bank’s revenue, which, coupled with judicious expense management practices, reflects in our strong financial performance.”

Business Highlights 2022-23

Citibank India

  • Citi Commercial Banking (CCB) provides global banking solutions to mid-sized organizations in India that are looking to grow rapidly and expand internationally. CCB serves over 3,500 clients in India, including a diverse portfolio of emerging and mid-tier corporates, multinational subsidiaries and digital disruptors. Our clients get access to the full suite of Citi solutions for all stages of growth – the same robust products used by the world’s largest firms. We have organized our bankers into teams specializing in our clients’ industries, to deliver sector-specific insights and solutions.
  • India is the third market for Citi in Asia Pacific after Singapore and Hong Kong to launch a new sustainable time deposit solution, designed to assist institutional clients when investing excess cash while supporting their sustainability goals, reflecting the growing interest in sustainable investment, products and services from clients. The funds deposited in this product, offered by Citibank India, will support projects identified under the Citi Social Finance Framework. The sustainable time deposit solution is the latest addition to the suite of sustainable products introduced by Citibank India, including sustainable supply chain financing and sustainable trade loans.
  • As on March 31, 2023, Citibank India has extended loans of INR 35,001 crores to agriculture, affordable housing, renewable energy and micro, small and medium enterprises, of which INR 1,218 crores has been extended to economically weaker sections, as part of Citibank India’s priority sector lending obligations.

Citi Franchise in India1

  • The Citi franchise in India (Citi India) added 2,061 employees during the fiscal year, bringing the total number of employees to 29,232 as on March 31, 2023. Of the total employee base, Citi Solution Centers housed under Citicorp Services India Private Limited (CSIPL), engage 26,994 professionals. Citi made 591 new hires for its various analyst programs from the best business and graduate schools and technical institutes who will join us through 2023.
  • Citi India maintained its dominant positions across equity and debt capital raising, loan financing, and mergers and acquisitions (M&A). Citi India helped raise ~INR 40,770 crores of equity capital (US$ 4,961 million6) and ~INR 14,382 crores6 (US$ 1,750 million) of debt capital for clients, preserving its status as the preferred investment bank in the country during this period7. Citi India is also a leading investment bank in M&As, with announced deals worth US$ 67,556 million during this period7.
  • Citibank, N.A. launched a branch at Gujarat International Finance Tec-City – International Financial Services Center (GIFT-IFSC) to offer corporate clients long-term and short-term financing solutions, while providing an international financial banking experience within India Standard Time zone.
  • In 2023, Citi India has been recognized as Best International Investment Bank in India by FinanceAsia, Best Investment Bank in India by Euromoney, Best International Bank India by Asiamoney, and Winner, Foreign Banks by Financial Express, India.
  • Citi India is focused on building corporate citizenship programs that enable progress, drive change across communities and are in line with the socio-economic growth initiatives of the Government of India, Citi Foundation, and Citi globally. Citi’s core values of innovation and excellence, digitization, and thought leadership, led to the creation of initiatives that demonstrate scale and impact, backed by best practice and standardized metrics. Key themes include entrepreneurship and inclusion, youth employability, spurring innovation through funding incubators in designated institutes, art and culture and capacity building.
  • In financial year 2022-2023, Citi India partnered with 18 non-governmental organizations and positively impacted over 19 lakh individuals across nine states in India. This included empowering 101,000+ women through entrepreneurship development and financial inclusion, improving employability of ~60,000 youth (54% women) with 70% placed across demand-driven industries, providing mentorship and seed grants to 29 social impact startups that pitched innovative agri- health and fin-tech solutions to 100+ government bodies, angel investors, and venture capitalists, nurturing over 500 world-class athletes who are pursuing their dreams to represent India on a national and international scale, augmenting education by facilitating tech-enabled pedagogy for ~1 million disadvantaged students, nurturing India’s rich heritage by furthering the ‘guru shishya’ tradition, raising awareness on India’s cultural heritage by reaching out to 8,00,000+ people across 20 districts through ‘Museum on Wheels’, and supporting 11 exhibitions featuring 8,000+ historic objects which witnessed ~700,000 visitors.

About 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 nearly 160 countries and jurisdictions, providing corporations, governments, investors, institutions and individuals with a broad range of financial products and services.

Additional information may be found at www.citigroup.com | Twitter: @Citi | YouTube: www.youtube.com/citi | Blog: http://blog.citigroup.com | Facebook: www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi

About Citi India:

Committed to India for 121 years, Citi India takes pride in being a premier locally embedded financial institution, backed by an unmatched global network. Citi India is an employer of choice and, through its ICG segment, serves a full spectrum of clients - from helping India's top global corporations commit capital, make markets and manage their global cash positions to supporting the growth ambitions of the country's small and mid-sized enterprises. In line with our commitment to make a positive difference in the communities we work in, Citi is focused on creating corporate citizenship initiatives across seven critical areas – Disaster Relief, Entrepreneurship Development, Youth Employability, Inclusive Finance, Art and Culture, Social Innovation, and Good Citizenship as part of its Corporate Social Responsibility efforts.

Additional information may be found at: www.citibank.co.in

Aug

FOR IMMEDIATE RELEASE
August 22, 2023

Ravi Kapoor to retire from Citi as Banking, Capital Markets and Advisory (BCMA) Head for South Asia and India after 18 years of professional career

K Balasubramanian (Bala) takes over as BCMA Head for India and South Asia Rahul Saraf is Head, Investment Banking for India

India: Ravi Kapoor, who headed BCMA for Citi India and South Asia, has decided to retire from the Bank after 18 illustrious years at Citi and a career spanning 35 years. Ravi attained the superannuation age last year and stayed back at the firm’s request. Ravi is actively thinking about professional and entrepreneurial opportunities he wishes to pursue going forward.

Ravi took over the current role in 2010. Over last 13 years in his role as BCMA Head, he has been instrumental in developing deep client relationships with large Indian Conglomerates, mid-market companies and market participants at senior most level and built a leading Investment Bank in India which continues to receive industry accolades. His relentless focus, tireless work ethic and passion for his team and the Citi brand have helped build an enviable capability in a highly competitive and rapidly growing market.

K Balasubramanian (Bala) will add the India and South Asia BCMA head responsibility to his current Corporate Bank Head role. This move recognizes Bala’s stature, both internally and externally with the clients. Rahul Saraf will continue to head Investment Banking for India.

About 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 nearly 160 countries and jurisdictions, providing corporations, governments, investors, institutions, and individuals with a broad range of financial products and services.

Additional information may be found at www.citigroup.com | Twitter: @Citi | LinkedIn: www.linkedin.com/company/citi | YouTube: www.youtube.com/citi | Facebook: www.facebook.com/citi

About Citi Foundation

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 nearly 160 countries and jurisdictions, providing corporations, governments, investors, institutions, and individuals with a broad range of financial products and services.

Additional information may be found at www.citigroup.com | Twitter: @Citi | LinkedIn: www.linkedin.com/company/citi | YouTube: www.youtube.com/citi | Facebook: www.facebook.com/citi

Jul

FOR IMMEDIATE RELEASE
July 13, 2023

Youth Co:Lab Summit 2023: Asia Pacific’s Largest Youth Social Entrepreneurs Gathering Highlights Inclusive Entrepreneurship

The Regional Youth Co:Lab Summit, jointly organized by Citi Foundation and the United Nations Development Programme (UNDP), positions young people front and center to solve the region’s most pressing challenges

Bangkok – Close to 200 participants representing 20 countries and territories gathered in Bangkok, Thailand to discuss how they can help tackle the world’s most pressing societal challenges through leadership, social innovation, and entrepreneurship at the Youth Co:Lab Regional Summit 2023.

Centered on the theme of Inclusive Entrepreneurship, the participants had a common agenda to encourage and celebrate the role of youth in accelerating the implementation of the United Nations Sustainable Development Goals (SDGs), showcasing and inspiring action from underserved communities, and finding solutions to support the most excluded social groups.

Hosted at the United Nations Conference Center (UNCC) in Bangkok, the Summit by Citi Foundation and UNDP is being held in partnership with the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP), Commonwealth Secretariat, CVC Capital Partners, the International Labour Organization (ILO), and the Islamic Development Bank (IsDB).

The Summit convened close to 200 people from diverse backgrounds including young social entrepreneurs, government delegates, private sector partners, investors, accelerators, academia, and other youth community partners, with over 6,700 participants joining virtually.

This year’s Summit focused on enabling inclusive entrepreneurship to ensure equitable progress that ‘Leave No One Behind’, particularly those from vulnerable and marginalized communities. Young social entrepreneurs presented their inclusive solutions including female- centered solutions and solutions impacting indigenous communities.

“At Citi and the Citi Foundation, we are committed to fully embracing the diversity of the communities we serve. Through initiatives such as the Youth Co:Lab Summit, we hope to bring together partners to support young people’s entrepreneurial journeys and break down barriers that inhibit inclusive progress,” said Peter Babej, Asia Pacific CEO at Citi.

“Today, young people across the Asia-Pacific region are not only aware of present-day challenges that affect their communities, they are also taking proactive steps to make a difference. If we harness the entrepreneurial mindsets of these young people and involve them in making innovative solutions based on their personal experiences, we can build bridges to inclusive growth” said Violet Baffour, UNDP Bangkok Regional Hub Director, Officer-in-Charge.

This Summit is an incredibly valuable opportunity as it provides a forum that goes above and beyond to reach marginalized communities and to empower young social enterprises that are bringing services and products to underserved groups” she added.

Youth Co:Lab, co-created by UNDP and the Citi Foundation in 2017, is the largest youth movement for empowerment, social entrepreneurship, equality, and social inclusion in Asia Pacific and has supported young people in 28 countries and territories. Since its inception, activities supported by Youth Co:Lab have reached 255,000 participants across the Asia Pacific region.

Youth Co:Lab Summit 2023

Photo caption: Representatives from Citi and Citi Foundation, UNDP, government partners and young social entrepreneurs at the opening session of Youth Co:Lab Summit 2023

About 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 nearly 160 countries and jurisdictions, providing corporations, governments, investors, institutions, and individuals with a broad range of financial products and services.

Additional information may be found at www.citigroup.com | Twitter: @Citi | LinkedIn: www.linkedin.com/company/citi | YouTube: www.youtube.com/citi | Facebook: www.facebook.com/citi

About Citi Foundation

The Citi Foundation works to promote economic progress and improve the lives of people in low-income communities around the world. We invest in efforts that increase financial inclusion, catalyze job opportunities for youth, and reimagine approaches to building economically vibrant communities. The Citi Foundation's "More than Philanthropy" approach leverages the enormous expertise of Citi and its people to fulfill our mission and drive thought leadership and innovation. For more information, visit www.citifoundation.com.

About UNDP

UNDP is the leading United Nations organization fighting to end the injustice of poverty, inequality, and climate change. Working with our broad network of experts and partners in 170 countries, we help nations to build integrated, lasting solutions for people and the planet. Learn more at undp.org or follow at @UNDP.

Jun

FOR IMMEDIATE RELEASE
Citigroup Inc. (NYSE: C)
June 14, 2023

CITI LAUNCHES SUSTAINABLE DEPOSITS SOLUTION FOR INSTITUTIONAL CLIENTS IN INDIA

India is the third market in Asia Pacific after Singapore, Hong Kong to launch this product for clients Program now serves clients across Europe, the Middle East and the U.S.

India: Citi today announced the launch of a new sustainable time deposit solution in India, designed to assist institutional clients when investing excess cash while supporting their sustainability goals. The new sustainable time deposit solution reflects growing interest in sustainable investment, products and services from clients. India is the third market in Asia Pacific after Singapore and Hong Kong to launch this product for clients, expanding Citi’s program that now serves clients across Europe, the Middle East and the U.S.

The funds deposited in this product, offered by Citi in India, will support projects identified under the Citi Social Finance Framework. The funds will be allocated by Citi to finance or refinance assets in a portfolio of eligible social finance projects, including those expanding access for low-income and underserved communities across affordable basic infrastructure, affordable housing, economic inclusion, education, food security and healthcare.

“Sustainable solutions in India are gaining significant traction from clients who are looking for customized solutions to help meet their sustainability goals. The expansion of our sustainable deposits product suite in India shall support our clients in their ESG-transition journey,” says Mridula Iyer, Head of Treasury and Trade Solutions, Citi India and South Asia.

The sustainable time deposit solution is the latest addition to the suite of sustainable products introduced by TTS in India, including sustainable supply chain financing and sustainable trade loans. “The sustainable deposit solutions that were launched in Hong Kong and Singapore last year have proved to be a popular investment option for our finance and treasury clients to date,” said Sandip Patil, Asia Pacific Head of Liquidity Management Services and Digital Assets, Treasury and Trade Solutions, Citi.

Through its Social Finance team, Citi has over a 15-year track record of developing new business models and partnerships that leverage market-based approaches to improve the livelihoods of low-income communities. These solutions enable Citi, its clients, and partners to expand financial inclusion, accelerate access to basic services, boost job creation and scale social infrastructure development in emerging markets. As part of its social finance focus, Citi is aiming to invest in opportunities for 15 million low-income households, including 10 million women globally by 2025.

At Citi, helping clients navigate the challenges and embrace the opportunities of a rapidly changing world is fundamental to its mission of enabling growth and economic progress. Through its sustainable solutions offerings and $1 Trillion Sustainable Finance Goal by 2030, Citi is financing and facilitating a wide range of activities including renewable energy, sustainable transportation, healthcare, and affordable housing, to help support reaching a sustainable, low-carbon economy that supports the environmental, social, and economic needs of society.

About Citi’s Treasury and Trade Solutions

Citi Treasury and Trade Solutions (TTS) enables our clients' success by providing an integrated suite of innovative and tailored cash management and trade finance services to multinational corporations, financial institutions and public sector organizations across the globe. Based on the foundation of the industry's largest proprietary network with banking licenses in over 90 countries and globally integrated technology platforms, TTS continues to lead the way in offering the industry's most comprehensive range of digitally enabled treasury, trade and liquidity management solutions.

About 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 nearly 160 countries and jurisdictions, providing corporations, governments, investors, institutions, and individuals with a broad range of financial products and services.

Additional information may be found at www.citigroup.com | Twitter: @Citi | LinkedIn: www.linkedin.com/company/citi | YouTube: www.youtube.com/citi | Facebook: www.facebook.com/citi

FOR IMMEDIATE RELEASE
Citigroup Inc. (NYSE: C)
June 1, 2023

Indian School of Development Management (ISDM) and Citi India launch Centre for Innovative Finance and Social Impact (CIFSI)

To boost research in innovative financing towards social impact, complementing traditional funding

New Delhi: Indian School of Development Management (ISDM) and Citi India announced the launch of the Centre for Innovative Finance and Social Impact (CIFSI) to enhance research on innovative financing and raise dialogue among public and private stakeholders to tackle developmental challenges.

The development community is utilising innovative financing tools, such as impact investing and social impact bonds, to draw funds towards programs that are aimed at solving global challenges, such as alleviating poverty, improving living standards, and conserving the environment. CIFSI will serve as a platform for social purpose organisations, academia, research, and practitioners to identify and ensure access to social financing approaches for the future.

Mr. Ashu Khullar Citi India CEO said, “Citi is delighted to extend support to ISDM’s Centre for Innovative Finance and Social Impact. The Centre and its objectives resonate with Citi’s commitment to seed innovation in financing tools that aid and accelerate social impact in crucial areas such as climate and poverty. We have seen a growing appetite from clients to focus on sustainable programs that yield results as part of their own ESG goals. We are also seeing an increase in association between the public and private sector.”

The launch took place at a strategic convening titled, ‘Investing in Social Change: The Role of Innovative Finance in Driving Positive Impact’ in New Delhi, at the India International Centre. Serving as a distinctive platform for renowned experts to engage in thought-provoking discussions, the convening deciphered the engagement and research objectives of CIFSI for the development sector. The event was graced by the presence of eminent dignitaries and distinguished experts.

''The primary objective of the convening is to pave the way for future deliberations and drive conversations on Innovative Finance (IF) tools in the sector. It will garner visibility of future products and knowledge on IF that CIFSI will focus on. The initiative serves as a remarkable forum for meaningful discourse and collaboration among industry experts and stakeholders in the development sector, facilitating opportunities for valuable collaborations and insights,'' said Mr. Ravi Sreedharan, Founder and President, ISDM.

ISDM, a preeminent institution focused on establishing and strengthening the domain of Development Management, and Citi India, through CSR efforts, are launching two research set-ups, Centre for Innovative Finance and Social Impact (CIFSI) and Centre for Data Science and Social Impact (CDSSI).

The convening addressed areas including diversifying Innovative Finance for Social Purpose Organisations (SPOs) across domains; highlighted possible financing tools for SPOs to tap as well as challenges and regulatory changes required to access Social Stock Exchange (SSEs) platforms for SPOs. It also tapped into sector requirements towards Innovative Finance.

The occasion also featured insightful roundtable discussions featuring seasoned professionals from the Innovative Finance industry and SPOs. The discussions delved into the potential of Innovative Finance to enhance resources and diversify the efforts of SPOs, as well as to create a more realistic impact framework for the sector.

About 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 nearly 160 countries and jurisdictions, providing corporations, governments, investors, institutions and individuals with a broad range of financial products and services.

Additional information may be found at www.citigroup.com | Twitter: @Citi | YouTube: www.youtube.com/citi | Blog: http://blog.citigroup.com | Facebook: www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi

About Citi India:

Committed to India for 120 years, Citi takes pride in being a premier locally embedded financial institution, backed by an unmatched global network. Citi is an employer of choice in India and, through its Institutional Clients Group (ICG) segment, serves a full spectrum of clients - from helping India's top global corporations commit capital, make markets and manage their global cash positions to supporting the growth ambitions of the country's small and mid-sized enterprises. In line with our commitment to make a positive difference in the communities we work in, Citi is focused on creating initiatives across seven critical areas – Disaster Relief, Entrepreneurship Development, Youth Employability, Inclusive Finance, Art and Culture, Social Innovation, and Good Citizenship as part of its CSR efforts.

Additional information may be found at: www.citibank.co.in | Facebook: www.facebook.com/citiindia

About ISDM

The Indian School of Development Management (ISDM) is a first-of-its-kind, internationally renowned and autonomous institution collectively set up in 2016 to establish the domain of Development Management as distinctly different from business management or public administration and enable social purpose organisations to have an impact at population scale. ISDM is envisioned as an institution that would catalyse the building of theory and practice of Development Management and transform the way in which social purpose organisations are led and managed.

Apr

FOR IMMEDIATE RELEASE
Citigroup Inc. (NYSE: C)
April 17, 2023

CITI INDIA COMPLETES FIRST BLOCKCHAIN ENABLED LETTER OF CREDIT TRANSACTION ON CONTOUR

The end-to-end digital transaction was completed for Cummins India Limited on Contour, the blockchain-based platform

India/Hong Kong: Citi India has completed its first blockchain-enabled Letter of Credit (LC) transaction on Contour for its client Cummins India Limited (Cummins), a diversified industrials manufacturing company. The transaction is a first for both Cummins and Citi India on Contour, as Citi continues to advance its trade digitization efforts and further enhance client experience.

Contour is a global digital trade finance network, powered by blockchain technology, that enables multiple parties – banks, corporates, and logistic partners – to collaborate seamlessly and securely in real-time on a single platform. Citi is a founding member bank of Contour.

Contour’s decentralized global trade finance network has proven that LC processing time can fall by as much as 90%. Under the LC, document presentation usually takes 5-10 days, while for Cummins it was completed in three hours. This also marked the first domestic end-to-end blockchain enabled LC transaction completed on Contour in India.

Mridula Iyer, Head of Treasury and Trade Solutions, Citi South Asia, said, “A top priority for our trade business globally, and in India, is to simplify trade processes and reduce transaction time, as well as provide clients access to trade financing and working capital solutions, through digital platforms. Platforms such as Contour bring together multiple partners involved in a trade transaction while eliminating the need for paper-heavy documentation and is a critical enabler of trade digitization. We are extremely pleased to be able to partner with Cummins and Contour in executing this transaction”.

Citi, through its Treasury and Trade Solutions (TTS) business in India, served as both LC Advising and Issuing Bank. The transaction illustrates the strength of the ‘One Citi’ proposition where Citi’s market-leading digital solutions under its TTS business was able to offer a safer, faster, and paperless solution for the LC transaction between Cummins and its customer, which are corporate and commercial banking clients of Citi, respectively.

Ajay Patil, VP and CFO, Cummins said, “We are a technology driven company and our key priority is to digitize our processes. We are happy that Contour and Citi worked with us to launch the first blockchain enabled LC transaction in India. We believe that by digitizing our processes we are able to drive efficiency across the value chain and is a win-win solution for stakeholders”.

About Citi’s Treasury and Trade Solutions

Citi Treasury and Trade Solutions (TTS) enables our clients' success by providing an integrated suite of innovative and tailored cash management and trade finance services to multinational corporations, financial institutions and public sector organizations across the globe. Based on the foundation of the industry's largest proprietary network with banking licenses in over 90 countries and globally integrated technology platforms, TTS continues to lead the way in offering the industry's most comprehensive range of digitally enabled treasury, trade and liquidity management solutions.

About 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 nearly 160 countries and jurisdictions, providing corporations, governments, investors, institutions, and individuals with a broad range of financial products and services.

Additional information may be found at www.citigroup.com | Twitter: @Citi | LinkedIn: www.linkedin.com/company/citi | YouTube: www.youtube.com/citi | Facebook: www.facebook.com/citi

FOR IMMEDIATE RELEASE
Citigroup Inc. (NYSE: C)
April 11, 2023

Citi, JICA Co-finance Funding for IndusInd Bank towards Agriculture Sector

Co-financing from Citi and JICA to improve access to finance for farmers and raise agriculture productivity

Mumbai/Tokyo -- Citi and the Japan International Cooperation Agency (JICA) have announced a co-financing loan to IndusInd Bank Limited (IndusInd Bank), an Indian private commercial bank. This includes a USD 30 million loan by Citi and JPY 13 billion loan by JICA. This high impact social finance offering that Citi arranged for IndusInd Bank is expected to improve financial access for farmers and catalyze capital investment in the agricultural sector in India.

Per Government data, the agricultural sector is an important part of the Indian economy, accounting for approximately 17% of GDP and 45% of employment. As the need to raise agricultural productivity to improve farmers’ incomes increases, there is also an urgent need to improve access to finance to stimulate capital investments in the agricultural sector.

IndusInd Bank, one of the country's leading private financial institutions has presence in key agro centres across rural and semi urban locations of India. This project will support the efforts of IndusInd Bank in strengthening its lending to the agricultural sector by leveraging its presence in rural areas. In this new collaborative agreement, Citi acted as the co-financing lender, arranger, coordinator, and facility agent.

“This social financing to IndusInd Bank will be used by farmers to purchase farm equipment, crops, seeds, and fertilizers, as well as by small agricultural supply chain service providers. This transaction, in which Citi collaborates with JICA, marks our first structured co-financing arrangement to support India’s agricultural sector,” said
K Balasubramanian, Head of Corporate Bank for Citi in South Asia covering India, Bangladesh, and Sri Lanka.

This agreement highlights Citi and JICA’s support for strengthening food security in the country through funding the agricultural sector and sustainable food systems.

Citi’s has committed $1 trillion to sustainable finance by 2030, as well as expanding access to basic services for 15 million underserved and low-income households, including 10 million women. This financing contributes to Goals 1, 8, and 17 of the Sustainable Development Goals (SDGs), reducing disparities in India by helping improve financial access to projects that contribute to solving agricultural issues. It also helps contribute to food security amid concerns of high food prices and supply shortages due to instability in the global situation.

About 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 nearly 160 countries and jurisdictions, providing corporations, governments, investors, institutions and individuals with a broad range of financial products and services.

Additional information may be found at www.citigroup.com | Twitter: @Citi | YouTube: www.youtube.com/citi | Blog: http://blog.citigroup.com | Facebook: www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi

About Citi India:

Committed to India for 120 years, Citi takes pride in being a premier locally embedded financial institution, backed by an unmatched global network. Citi is an employer of choice in India and, through its Institutional Clients Group (ICG) segment, serves a full spectrum of clients - from helping India's top global corporations commit capital, make markets and manage their global cash positions to supporting the growth ambitions of the country's small and mid-sized enterprises. In line with our commitment to make a positive difference in the communities we work in, Citi is focused on creating initiatives across seven critical areas – Disaster Relief, Entrepreneurship Development, Youth Employability, Inclusive Finance, Art and Culture, Social Innovation, and Good Citizenship as part of its CSR efforts.

Additional information may be found at: www.citibank.co.in | Facebook: www.facebook.com/citiindia

FOR IMMEDIATE RELEASE
Citigroup Inc. (NYSE: C)
April 05, 2023

Citi Launches Gujarat International Finance Tec-City - International Financial Services Center (GIFT-IFSC) Branch

Executes pilot transaction for client

Gandhinagar -- Citi announced the launch of its branch at Gujarat International Finance Tec-City - International Financial Services Center (GIFT-IFSC). Citi will offer corporate clients long- and short-term financing solutions through the IFSC branch, while providing an international financial banking experience within India Standard Time zone. The branch will offer external commercial borrowings and trade loans, addressing foreign currency funding requirements of multinationals, large local corporates and financial institutions, as well as emerging mid-corporates.

“The opening of our IFSC branch is a critical step in our global strategy as we enhance our offerings for corporate clients. Our IFSC branch will improve client experience and turnaround times. We are keenly following the rapid developments being introduced at this dynamic financial center and are excited for the opportunities GIFT-IFSC brings for Citi,” said Ashu Khullar, CEO, Citi India.

Congratulating Citi on this occasion, Mr. Injeeti Srinivas, Chairman of International Financial Services Centres Authority (IFSCA) said, "I welcome Citi to the IFSC family. We envision IFSC as a truly international platform with the presence of global financial institutions. Commencement of Citi's operations at IFSC is another step towards realizing this vision.”

Citi launched its operations by booking the first loan for a marquee client, a large global conglomerate, SRF Limited. Mr. Ashish Bharat Ram, MD, SRF Limited expressed his pleasure in being a part of this momentous event with Citi and for their pilot transaction from one of the top Global Financial Centers. Mr. Bharat Ram said “The IFSC, being India’s first global financial services hub, brings with it several new opportunities for large conglomerates like ourselves by simplifying our global treasury activities. Citi has always been at the forefront of innovation and has been a great partner to SRF in many industry and market-first transactions.”

Mr. Rahul Jain, CFO, SRF Limited was highly appreciative of the swiftness with which the maiden foreign currency transaction was completed with Citi. Mr. Jain said “Citi continues to pave the way in seamlessly executing complex and innovative trades across the corporate landscape in India. We are looking forward to the positive impact that IFSC will create in the Indian banking ecosystem.”

The branch at GIFT-IFSC will bring Citi’s global and Indian clients that have cross-border needs solutions such as structured trade, corporate financing, and acquisition financing.

About 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 nearly 160 countries and jurisdictions, providing corporations, governments, investors, institutions and individuals with a broad range of financial products and services.

Additional information may be found at www.citigroup.com | Twitter: @Citi | YouTube: www.youtube.com/citi | Blog: http://blog.citigroup.com | Facebook: www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi

About Citi India:

Committed to India for 120 years, Citi takes pride in being a premier locally embedded financial institution, backed by an unmatched global network. Citi is an employer of choice in India and, through its Institutional Clients Group (ICG) segment, serves a full spectrum of clients - from helping India's top global corporations commit capital, make markets and manage their global cash positions to supporting the growth ambitions of the country's small and mid-sized enterprises. In line with our commitment to make a positive difference in the communities we work in, Citi is focused on creating initiatives across seven critical areas – Disaster Relief, Entrepreneurship Development, Youth Employability, Inclusive Finance, Art and Culture, Social Innovation, and Good Citizenship as part of its CSR efforts.

Additional information may be found at: www.citibank.co.in | Facebook: www.facebook.com/citiindia

Mar

For Immediate Release
Citigroup Inc. (NYSE: C)
9 March 2023

Citi Names Bhanu Vohra Head of Commercial Banking in India

Mumbai: Citi today announced Bhanu Vohra as Head of Commercial Banking, India. Bhanu will be responsible for the Citi Commercial Bank (CCB) business in India, which addresses the banking and financial services needs of emerging large corporates and mid-market enterprises through Citi’s global footprint, international capabilities and innovative solutions.

Bhanu will be based in Mumbai, reporting to CEO of Citi India, Ashu Khullar, and in the region to Head of Citi Commercial Bank Asia Pacific, Rajat Madhok. He replaces Tushar Vikram, who becomes the Global Head of Healthcare for CCB.

CCB in India banks 45% of the country’s unicorns and is focused on developing deep industry expertise to support clients across healthcare, chemicals, consumer, technology, industrials and digital and multinationals, amongst others.

Bhanu joined Citi in 2000 and has held various senior roles, spanning diverse businesses in Citi, both in the Asia Pacific and Europe Middle East and Africa (EMEA) regions. Bhanu worked in Citi’s Global Markets businesses across both regions before returning to India to become Country Head of the Global Subsidiaries Group in Citi’s Banking Capital Markets and Advisory (BCMA) business."

Throughout his career at Citi, he has also held positions in Citi’s Treasury and Trade Services (TTS) business and Operations & Technology. He is a Chartered Accountant by qualification.

About 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 nearly 160 countries and jurisdictions, providing corporations, governments, investors, institutions and individuals with a broad range of financial products and services.

Additional information may be found at www.citigroup.com | Twitter: @Citi | YouTube: www.youtube.com/citi | Blog: http://blog.citigroup.com | Facebook: www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi

About Citi India:

Committed to India for 120 years, Citi takes pride in being a premier locally embedded financial institution, backed by an unmatched global network. Citi is an employer of choice in India and, through its Institutional Clients Group (ICG) segment, serves a full spectrum of clients - from helping India's top global corporations commit capital, make markets and manage their global cash positions to supporting the growth ambitions of the country's small and mid-sized enterprises. In line with our commitment to make a positive difference in the communities we work in, Citi is focused on creating initiatives across seven critical areas – Disaster Relief, Entrepreneurship Development, Youth Employability, Inclusive Finance, Art and Culture, Social Innovation, and Good Citizenship as part of its CSR efforts.

Additional information may be found at: www.citibank.co.in | Facebook: www.facebook.com/citiindia

For Immediate Release
Citigroup Inc. (NYSE: C)
1 March 2023

CITI COMPLETES SALE OF INDIA CONSUMER BANKING TO AXIS BANK LIMITED SEVEN TOTAL DIVESTITURES COMPLETED AS PART OF CITI’S STRATEGY REFRESH

Mumbai: Citi announced today it has completed the sale of Citi’s India consumer business to Axis Bank Limited (Axis). The sale, which Citi and Axis first announced in March 2022, includes credit cards, retail banking, wealth management and consumer loans, as well as the transfer of approximately 3,200 Citi employees.

Citi's institutional client businesses in India are excluded from the sale and Citi remains focused on serving institutional clients in India and globally.

Since announcing intentions to exit consumer banking across 14 markets in Asia, Europe, the Middle East and Mexico as part of its strategic refresh, Citi has signed sales agreements in nine markets and has now closed sales in seven markets including Australia, Bahrain, Malaysia, the Philippines, Thailand and Vietnam, in addition to India. The firm previously announced wind-downs of Citi’s consumer business in China and Korea, and the wind-down of Citi’s overall presence in Russia is in progress.

Peter Babej, Citi Asia Pacific CEO, said, "India remains a critical institutional market for Citi. In line with our broader strategic repositioning, we will continue to support our institutional clients in this core market and across APAC, delivering the full power of our global network to enable their growth."

Citi CEO of Legacy Franchises Titi Cole said, “Completing this landmark sale in India is a key milestone for Citi as we execute on our firm’s strategy refresh. We sincerely thank our former colleagues and clients for their contributions and loyalty and wish them continued success.”

Citi India CEO Ashu Khullar said, “I am extremely proud of my consumer banking colleagues, who were steadfast in their client focus and service during this period, and who I know will continue to redefine excellence in banking as they take on new roles at Axis Bank. My thanks to my colleagues in India and globally, who made this transition seamless for both customers and Citi employees. We believe we’ve found the right home for our clients and our people. We remain focused on capturing the India opportunity by growing our already very strong institutional clients’ businesses, and supporting our global operations with the country’s exceptional talent base through our network of five Citi Solutions Centers.”

Citi in India is a banking partner to around 30% of Indian multinational companies and approximately 45% of the country's unicorns. We manage 8% of India’s trade flows and around 4.5% of electronic payment flows. We also support foreign portfolio investors get access to Indian markets – managing about a third of their activities in India as a custodian. Over the last two decades, Citi advised clients with episodic business, including capital raising and M&A worth ~$500 billion with leadership across Investment Banking products. Citi is also one of the oldest foreign equity houses, established in 1999, and is the go-to bank for foreign exchange and local markets solutions with a leading digital FX platform that manages risk.

About 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 nearly 160 countries and jurisdictions, providing corporations, governments, investors, institutions and individuals with a broad range of financial products and services.

Additional information may be found at www.citigroup.com | Twitter: @Citi | YouTube: www.youtube.com/citi | Blog: http://blog.citigroup.com | Facebook: www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi

About Citi India:

Committed to India for 120 years, Citi takes pride in being a premier locally embedded financial institution, backed by an unmatched global network. Citi is an employer of choice in India and, through its Institutional Clients Group (ICG) segment, serves a full spectrum of clients - from helping India's top global corporations commit capital, make markets and manage their global cash positions to supporting the growth ambitions of the country's small and mid-sized enterprises. In line with our commitment to make a positive difference in the communities we work in, Citi is focused on creating initiatives across seven critical areas – Disaster Relief, Entrepreneurship Development, Youth Employability, Inclusive Finance, Art and Culture, Social Innovation, and Good Citizenship as part of its CSR efforts.

Additional information may be found at: www.citibank.co.in | Facebook: www.facebook.com/citiindia

Jan

For Immediate Release
Citigroup Inc. (NYSE: C)
24 January 2023

Citi Appoints Aditya Bagree as Head of Markets for India and South Asia Cluster

Badrinivas NC appointed Head of Markets Treasury for Citi, Asia Pacific

Mumbai: Citi today announced the appointment of Aditya Bagree as Head of Markets for Citi India and the South Asia cluster, consisting of Sri Lanka and Bangladesh. Aditya replaces Badrinivas NC (Badri), who was recently appointed as Head of Markets Treasury for Citi, Asia Pacific.

Aditya will report to Ashu Khullar, Citi India CEO and Region Head South Asia, and Julia Raiskin, Asia Pacific Head of Markets, Citi. Aditya’s responsibilities include developing and implementing regional product delivery strategies for India and the South Asia cluster, leading senior regulatory and client relationships in the region, and establishing a strong risk management discipline and culture. He is also now part of the Citi Leadership Team for India as well as the Asia Pacific Markets Operating Committee. Aditya also takes on the Country Treasurer responsibility from Badri in the interim period.

Since joining Citi India in 2011, Aditya has held a number of important senior leadership positions where, most recently, he was the Head of Asia Local Corporate Credit Trading and Global Spread Products in India. In this role, Aditya consistently increased franchise revenue and market share and built the Global Spread Products, Financing & Securitization, and Commercial Real Estate financing business in India. His overall banking experience spans 21 years across roles in structured products and trading. Aditya completed his post-graduation from IIM Ahmedabad.

Badri, in his new role as Head of Markets Treasury for Citi, Asia Pacific, is responsible for overseeing the management of Markets Treasury activity across Asia Pacific within permissible regulatory and internal frameworks and risk tolerances across the region’s legal vehicles. Badri has 25 years of banking experience across products (assets & liabilities) and functions (Operations, Product, Marketing, Sales & Treasury). Badri will be relocating to Singapore. He is also now part of the Markets Treasury Global Leadership Team as well as the Asia Pacific Markets Operating Committee.

Citi has been present in India since 1902. The bank’s Markets business in the country is among the top three for Citi globally and caters to a diverse set of clients across large local corporates, multinationals, mid-market enterprises, SMEs, banks, financial institutions, Asset Managers, and provident funds. It is a dominant player in fixed income, currencies, commodities, credit, investments, equity sales, and research.

About 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.

Additional information may be found at www.citigroup.com | Twitter: @Citi | YouTube: www.youtube.com/citi | Blog: http://blog.citigroup.com | Facebook: www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi

About Citi India:

Committed to India for 120 years, Citi takes pride in being a premier locally embedded financial institution, backed by an unmatched global network. Citi is an employer of choice in India offering consumers and institutions a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, brokerage, treasury and trade services, securities and fund services and wealth management. In line with our commitment to make a positive difference in the communities we work in, Citi is focused on creating initiatives across seven critical areas – Disaster Relief, Entrepreneurship Development, Youth Employability, Inclusive Finance, Art and Culture, Social Innovation, and Good Citizenship as part of its CSR efforts.

Additional information may be found at: www.citibank.co.in | Facebook: www.facebook.com/citiindia