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Citigroup
built 654 days ago
Citigroup, based in New York City, is one of the largest financial services companies in the world. It has more than 5,000 bank branches and finance offices in the U.S., Canada, and 100 other countries. It is the first bank in the U.S. that had more than $1 trillion in assets. It has a large number of subsidiaries and offers services such as credit cards, investment banking, brokerage, and many other retail and corporate financial services. The company is continuing to grow by acquisitions, especially overseas. In 2006, it had sales of $146.5 billion and profits of $21.5 billion.
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[One] way Citigroup is involved in mining is through its subsidiary Phibro, which is dedicated to oil, metals and natural gas commodities trading. Phibro was acquired as part of Citi's merger with Traveler's Group, which had earlier acquired Salomon Brothers, which owned Phibro. With Citigroup's "increasing emphasis on its customer-oriented businesses," it announced in December 1999 that it was considering the sale of Phibro, which trades oil, metals and natural gas commodities, mostly in proprietary trading. Phibro was ... "see[ing] some competition from JP Morgan, another bank trying to divest a commodities group. JP said last year it had decided to seek a buyer for its global energy trading unit because 'continued leadership in energy trading would require greater access to physical energy markets and further investment.' Unlike Citigroup, JP said it would hold on to its metals trading and that it planned to 'strengthen' it."
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What's more, Citigroup hasn't just befriended AOL. It's ... a business-to-business player with Oracle. Citigroup will be embedding its payment and settlement capabilities into the Oracle's B2B market exchange on the Net. At the same time Citigroup will "market OracleExchange.com service" to banking clients and others.
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In anticipation of the institution of this proceeding, Citigroup has submitted an Offer of Settlement ("Offer") that the Commission has determined to accept. Solely for the purpose of this proceeding and any other proceeding brought by or on behalf of the Commission or in which the Commission is a party, and prior to a hearing pursuant to the Commission's Rules of Practice, 17 C.F.R.Sec. 201.100 et seq., Citigroup, without admitting or denying the findings contained herein, except that Citigroup admits to the jurisdiction of the Commission over it and over the subject matter of this proceeding, consents to the issuance of this Order Instituting a Public Administrative Proceeding Pursuant to Section 21C of the Securities Exchange Act of 1934, Making Findings, and Imposing a Cease-and-Desist Order and Other Relief ("Order").
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Not neglecting the home market, Citigroup acquired the New York state-chartered European American Bank (EAB) from Netherlands-based ABN AMRO Bank N.V. for $1.6 billion in cash and the assumption of $350 million in EAB preferred stock. Completed in July 2001, the deal brought Citigroup an enhanced presence in the metropolitan New York and Long Island markets through EAB's 97 commercial banking branches, which were subsequently rebranded under the Citibank name. In November 2002 Citigroup paid about $5.8 billion for Golden State Bancorp, the parent of First Nationwide Mortgage and Cal Fed, the second largest thrift in the United States. Gained in this acquisition were 325 retail branches in California and Nevada, 1.5 million new banking customers, $25 billion in deposits, and $20 billion in loans that were added to the CitiMortgage portfolio.
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Citigroup ... entered into credit default swaps with the trusts whereby, in case of an Enron bankruptcy, Citigroup would deliver to the note holders senior unsecured obligations of Enron and Citigroup would receive the trust investments. In the first two structures, the trusts invested in prepay transactions by replacing Citigroup as the source of Delta's funding. In the later variation of this structure, Citigroup funded the prepays and the trusts invested in highly rated bank deposits. In this iteration of the structure, Citigroup's extension of credit to Enron under the prepay arrangement was fully secured with highly rated bank deposits by operation of the credit default swap with the relevant trust. Using the Yosemite structure, Enron and Citigroup raised approximately $2.3 billion in the capital markets, which provided the financing for additional Enron-Citigroup prepay transactions.
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