Citigroup Fined $7.26 Million by Hong Kong Regulator for Poor Practices in IPO Transaction

Citigroup Fined $7.26 Million by Hong Kong Regulator for Poor Practices in IPO Transaction

Citigroup Global Markets in Asia has been fined $7.26 million by Hong Kong regulator for poor practices in handling the IPO application of Real Gold Mining Limited.  The Securities and Futures Commission (SFC) investigations uncovered incidents where Citi had failed to sufficiently verify Real Gold’s customers and documents were signed by the wrong responsible officer for the IPO application.

” Citigroup Fined $7.26 Million by Hong Kong Regulator for Poor Practices in IPO Transaction “

Real Gold Mining, a gold mining company was listed in Hong Kong in February 2009.  It was many times oversubscribed and market value soared to more than $2 billion a year later in 2010.  In May 2011, 2 years after its IPO, the company had been suspended due to accounting fraud.

The IPO of Real Gold Mining Limited (Real Gold) in 2009 was Citi’s first and only listing application.  In the investigation, Citi had cooperated fully to resolve the concern.

 

Video:

 

Video:

 


The Wealth Insider is the world’s leading wealth intelligence for global wealth managers, investments managers, asset managers, high net-worth service providers and wealthy individuals.  Our global workforce seamlessly present the inside news of the most relevant news, insights, global wealth trends, innovation & digital transformation to our global audience.

Get The Wealth Insider Daily

  • For Press Release,  please contact press@thewealthinsider.com
  • For Media-related enquiries, please contact media@thewealthinsider.com
  • For Advertisement, please contact our official ad agency

Citigroup Returns $1.74 Billion to Lehman Brothers

Citigroup Returns $1.74 Billion to Lehman Brothers

Citigroup is returning $1.74 billion to Lehman Brothers for deposits withheld for trades.  The dispute arose as Citigroup withheld $2.1 billion for trade securities, while Lehman claims the money should go towards its creditors.

” Citigroup returns $1.74 billion to Lehman Brothers for Deposits Withheld since 2008 “

The dispute dates back to the financial crisis in 2008, the aftermath of the collapse of Lehman Brothers Holdings.

Source: Reuters

About Citigroup Inc

Citigroup, Inc. is a global diversified financial services holding company whose businesses provide consumers, corporations, governments and institutions with a broad range of financial products and services. The company operates through two segments: Citicorp, consisting of Citi’s Global Consumer Banking businesses and Institutional Clients Group; and Citi Holdings, consisting of Brokerage and Asset Management, Local Consumer Lending and Special Asset Pool.

 Visit: Citigroup


The Wealth Insider is the world’s leading wealth intelligence for global wealth managers, investments managers, asset managers, high net-worth service providers and wealthy individuals.  Our global workforce seamlessly present the inside news of the most relevant news, insights, global wealth trends, innovation & digital transformation to our global audience.

Get The Wealth Insider Daily

  • For Press Release,  please contact press@thewealthinsider.com
  • For Media-related enquiries, please contact media@thewealthinsider.com
  • For Advertisement, please contact our official ad agency

Citigroup Produced Lowest Revenues Since 2002

Citigroup Produced Lowest Revenues Since 2002

Citigroup produced its lowest second quarter revenues for the first time in at least 14 years. The bank generated revenues of $17.5 billion between April and June 2016, down 8% from the same period a year ago. This was the lowest second quarter figure since 2002, according to S&P Capital IQ data.

“The bank generated revenues of $17.5 billion between April and June, down 8% from the same period a year ago.”

~Financial Times

Citigroup chief executive has tried to make the bank narrower in focus by disposing assets around the world and cutting costs. Citigroup has slipped behind Wells Fargo in size, and it is now the fourth largest bank of assets.

Related Reports: Financial Times

 

About Citigroup Inc

Citigroup, Inc. is a global diversified financial services holding company whose businesses provide consumers, corporations, governments and institutions with a broad range of financial products and services. The company operates through two segments: Citicorp, consisting of Citi’s Global Consumer Banking businesses and Institutional Clients Group; and Citi Holdings, consisting of Brokerage and Asset Management, Local Consumer Lending and Special Asset Pool.

Visit: Citigroup

 

About Wells Fargo

In 1852, Henry Wells and William Fargo founded Wells, Fargo & Co. to serve the West. The new company offered banking (buying gold and selling paper bank drafts as good as gold) and express (rapid delivery of the gold and anything else valuable).

Wells Fargo opened for business in the gold rush port of San Francisco, and soon Wells Fargo’s agents opened offices in the other new cities and mining camps of the West. In the boom and bust economy of the 1850s, Wells Fargo earned a reputation of trust by dealing rapidly and responsibly with people’s money. In the 1860s, it earned everlasting fame — and its corporate symbol — with the grand adventure of the overland stagecoach line.

Visit: Wells Fargo


The Wealth Insider is the world’s leading wealth intelligence for global wealth managers, investments managers, asset managers, high net-worth service providers and wealthy individuals.  Our global workforce seamlessly present the inside news of the most relevant news, insights, global wealth trends, innovation & digital transformation to our global audience.

Get The Wealth Insider Daily

  • For Press Release,  please contact press@thewealthinsider.com
  • For Media-related enquiries, please contact media@thewealthinsider.com
  • For Advertisement, please contact our official ad agency

Saudi Arabia Lines Up Banks for $15 billion Bond Sale

Saudi Arabia Lines Up Banks for $15 billion Bond Sale

Saudi Arabia seeks to launch its debut international bond of about 15billion as early as July. Banks expected to take part include the Bank of Tokyo Mitsubishi, HSBC, and JP Morgan Chase which were lead lender on Saudi Arabia $10 billion loan in April.  Others likely to take part in the talks include BNP Paribas, Citigroup, Deutsche Bank, Goldman Sachs and Morgan Stanley.

“Saudi Arabia seeks to launch its debut international bond of about 15billion as early as July.”

~ Financial Times

The issuance will include several tenors up to 30 years in maturity and would probably be followed by a further bond later this year and potentially another one next year.

Related Reports: Financial Times, Bloomberg

 

About Bank of Tokyo Mitsubishi

The Bank of Tokyo-Mitsubishi UFJ, Ltd. provides various banking and financial services in Japan, North America, Latin America, Europe, the Middle East, Asia, and Oceania. The company operates through Retail Banking Business Unit, Corporate Banking Business Unit, Global Business Unit, Bank of Ayudhya, Global Markets Unit, and Other Units segments.

As of March 31, 2015, The Bank of Tokyo-Mitsubishi UFJ, Ltd. had 766 domestic branches and 75 international branches. The Bank of Tokyo-Mitsubishi UFJ, Ltd. was formerly known as Bank Tokyo-Mitsubishi Ltd. and changed its name to The Bank of Tokyo-Mitsubishi UFJ, Ltd. in January 2006. The company was founded in 1919 and is headquartered in Tokyo, Japan. The Bank of Tokyo-Mitsubishi UFJ, Ltd. operates as a subsidiary of Mitsubishi UFJ Financial Group, Inc.

Visit: Bank of Tokyo Mitsubishi


The Wealth Insider is the world’s leading wealth intelligence for global wealth managers, investments managers, asset managers, high net-worth service providers and wealthy individuals.  Our global workforce seamlessly present the inside news of the most relevant news, insights, global wealth trends, innovation & digital transformation to our global audience.

Get The Wealth Insider Daily

  • For Press Release,  please contact press@thewealthinsider.com
  • For Media-related enquiries, please contact media@thewealthinsider.com
  • For Advertisement, please contact our official ad agency

 

Citigroup Fined $425 million for Rate Rigging

Citigroup Fined $425 million for Rate Rigging

Citigroup became the latest bank accused of attempted manipulation and misreporting of Libor. The Commodity Futures Trading Commission, a federal regulator that oversees Wall Street announced the $425 million in penalties against Citigroup. Despite the findings, Citi looks set to avoid criminal charges.

“The Commodity Futures Trading Commission, a federal regulator that oversees Wall Street announced the $425 million in penalties against Citigroup.”

~ The New York Times

US authorities have issued fines running into several billion dollars over Libor to several European banks, including Deutsche Bank, Royal Bank of Scotland and Lloyds Banking Group.

Related Reports: Financial Times, The New York Times

 

About The Commodity Futures Trading Commission

The mission of the Commodity Futures Trading Commission (CFTC) is to foster open, transparent, competitive, and financially sound markets, to avoid systemic risk, and to protect the market users and their funds, consumers, and the public from fraud, manipulation, and abusive practices related to derivatives and other products that are subject to the Commodity Exchange Act.

In carrying out this mission and to promote market integrity, the Commission polices the derivatives markets for various abuses and works to ensure the protection of customer funds. Further, the agency seeks to lower the risk of the futures and swaps markets to the economy and the public.

Visit: U.S Commodity Futures Trading Commission

 

About Citigroup Inc

Citigroup, Inc. is a global diversified financial services holding company whose businesses provide consumers, corporations, governments and institutions with a broad range of financial products and services. The company operates through two segments: Citicorp, consisting of Citi’s Global Consumer Banking businesses and Institutional Clients Group; and Citi Holdings, consisting of Brokerage and Asset Management, Local Consumer Lending and Special Asset Pool.

Visit: Citigroup




The Wealth Insider is the world’s leading wealth intelligence for global wealth managers, investments managers, asset managers, high net-worth service providers and wealthy individuals.  Our global workforce seamlessly present the inside news of the most relevant news, insights, global wealth trends, innovation & digital transformation to our global audience.

Get The Wealth Insider Daily

  • For Press Release,  please contact press@thewealthinsider.com
  • For Media-related enquiries, please contact media@thewealthinsider.com
  • For Advertisement, please contact our official ad agency

 

Citigroup Bans Key Asian Currencies from Buying Australian Real Estate

Citigroup Bans Key Asian Currencies from Buying Australian Real Estate

Citigroup now has a blacklist of foreign currencies it will no longer accept as payment for Australian real estate from overseas borrowers. Matt Wood, head of the bank’s mortgage distribution has written to mortgage brokers with a list of 12 currencies that it will accept and warned that all others are not negotiable.

“Citigroup now has a blacklist of foreign currencies it will no longer accept as payment for Australian real estate from overseas borrowers.”

~ Australian Financial Review

The only foreign currencies it will now accept from overseas borrowers are the Canadian dollar, Danish kroner, European Union euro, Hong Kong dollar, Japanese yen, New Zealand dollar, Swedish kroner, Singaporean dollar, South Korean won, Swiss franc, UK sterling and US dollar. Major Asian currencies, such as the Chinese yuan and Thai baht, are excluded.  Other exclusions include the Indian rupee, Indonesian rupiah, Malaysian ringit and Taiwan dollar

Related Reports: Australian Business Review, Australian Financial Review

 

About Citigroup

Citigroup, Inc. is a global diversified financial services holding company whose businesses provide consumers, corporations, governments and institutions with a broad range of financial products and services. The company operates through two segments: Citicorp, consisting of Citi’s Global Consumer Banking businesses and Institutional Clients Group; and Citi Holdings, consisting of Brokerage and Asset Management, Local Consumer Lending and Special Asset Pool

Visit: Citigroup




The Wealth Insider is the world’s leading wealth intelligence for global wealth managers, investments managers, asset managers, high net-worth service providers and wealthy individuals.  Our global workforce seamlessly present the inside news of the most relevant news, insights, global wealth trends, innovation & digital transformation to our global audience.

Get The Wealth Insider Daily

  • For Press Release,  please contact press@thewealthinsider.com
  • For Media-related enquiries, please contact media@thewealthinsider.com
  • For Advertisement, please contact our official ad agency

 

Fewer Bankers in Hong Kong Getting Expat Packages

Fewer Bankers in Hong Kong Getting Expat Packages

In the first quarter of this year, only 7 percent of Jones Lang LaSalle Inc.’s expat real estate clients in Hong Kong were given monthly rental budgets of more than HK$100,000, down from 31 percent in 2012. Now, 54 percent of clients make do with less than HK$30,000 a month―enough for about two small bedrooms squished into 550 square feet in Central district―compared with 11 percent four years ago.

“The number of finance clients with corporate packages moving to Hong Kong through Jones Lang LaSelle has halved.”

~ Stella Abraham, Head of Jones Lang LaSelle Hong Kong residential leasing and relocation services

The number of finance clients with corporate packages moving to Hong Kong through Jones Lang LaSelle has halved, said Stella Abraham, head of the firm’s Hong Kong residential leasing and relocation services for companies including Citigroup Inc. and JPMorgan Chase & Co.

Related Reports: Bloomberg, The Sydney Morning Herald

 

About Jones Lang LaSelle

JLL is a financial and professional services firm specializing in commercial real estate services and investment management. We create value for companies and institutions that invest in and use real estate. With 58,000 employees across 230 corporate offices worldwide, we serve the local, regional and global real estate needs of corporates and investors in more than 80 countries. Our integrated services offering is grounded in expertise in all property types, a deep understanding of real estate markets and capital markets, and is coordinated and consistent across geographies.

Visit: Jones Lang LaSelle


The Wealth Insider is the world’s leading wealth intelligence for global wealth managers, investments managers, asset managers, high net-worth service providers and wealthy individuals.  Our global workforce seamlessly present the inside news of the most relevant news, insights, global wealth trends, innovation & digital transformation to our global audience.

Get The Wealth Insider Daily

  • For Press Release,  please contact press@thewealthinsider.com
  • For Media-related enquiries, please contact media@thewealthinsider.com
  • For Advertisement, please contact our official ad agency