UPDATE: Citigroup Board of Directors Approves $1.165B Common Stock Repurchase Program
Citigroup (NYSE: C) Inc. today announced that its Board of Directors has approved a $1.165 billion common stock repurchase program through the first quarter of 2015. As previously announced, this repurchase plan was permitted pursuant to the 2014 Comprehensive Capital Analysis and Review (CCAR) and is intended to offset estimated dilution created by Citi's annual incentive compensation grants.
Repurchases by Citi under the common stock repurchase program may be effected from time to time through open market purchases, trading plans established in accordance with U.S. Securities and Exchange Commission rules or other means, depending on satisfactory market conditions, applicable legal requirements and other factors. The common stock repurchase program does not obligate Citi to repurchase any particular amount of common stock, and it may be suspended at any time at Citi's discretion.
Citi Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.
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Certain statements in this release, including those regarding Citi's 2014 CCAR planned capital actions, are "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. Actual results and capital and other financial condition may differ materially from those included in these statements due to a variety of factors, including but not limited to the precautionary statements included in this document, satisfactory market conditions and any other conditions that may be included in any Citi common stock repurchase program, as well as those factors contained in Citi's filings with the U.S. Securities and Exchange Commission, including without limitation the "Risk Factors" section of Citi's 2013 Annual Report on Form 10-K. Any forward-looking statements made by or on behalf of Citi speak only as to the date they are made, and Citi does not undertake to update forward-looking statements to reflect the impact of circumstances or events that arise after the date the forward-looking statements were made.
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