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☆ Hyundai Motor India's shares set to start trading after the country's largest IPO
▼ + stars: | 2024-10-22 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +2 min

MUMBAI, MAHARASHTRA, INDIA - Hyundai cars seen parked outside the Hyundai showroom in Mumbai. Hyundai Motor India was set to start trading Tuesday in the country's two major stock markets after a $3.3 billion initial public offering, the country's largest-ever by amount raised. Unlike a traditional IPO, in which a firm sells fresh shares, Hyundai Motor India's listing is an offer for sale, where its parent Hyundai Motor Company sold its shares. The lead bookrunners of Hyundai India's IPO were Kotak Mahindra Capital, Citigroup Global Markets India, HSBC Securities and Capital Markets (India), J.P. Morgan India and Morgan Stanley India. There is amazing fundamentals in equity markets with supportive policies from SEBI [Securities and Exchange Board of India], retail participation and broad-based opportunities," he added.

Persons: Morgan India, Morgan Stanley, Neil Bahal, Amala Balakrishner Organizations: Hyundai, India, South Korean, Hyundai Motor Company, Kotak Mahindra Capital, Citigroup Global Markets, HSBC Securities, Capital Markets, CNBC, Negen, Securities, Exchange Board Locations: MUMBAI, MAHARASHTRA, INDIA, Mumbai, South Korea, New Delhi, Citigroup Global Markets India, India, Morgan Stanley India, SEBI

☆ Citi fined $79 million by British regulators over fat-finger trading and control errors
▼ + stars: | 2024-05-22 | by ( Matt Clinch | ) www.cnbc.com time to read: +2 min

LONDON — British regulators on Wednesday dished out a combined £61.6 million ($79 million) in fines to U.S. investment bank Citi for failings in its trading systems and controls. "Firms involved in trading must have effective controls in place in order to manage the risks involved. The regulators said that certain system and control issues persisted during the probe period and led to trading incidents, such as so-called fat-finger trading blunders. "Deficiencies in CGML's trading controls contributed to this incident, in particular the absence of certain preventative hard blocks and the inappropriate calibration of other controls," the statement read. "We immediately took steps to strengthen our systems and controls, and remain committed to ensuring full regulatory compliance."

Persons: Sam Woods Organizations: CitiBank, LONDON, Citi, Prudential, Authority, Financial, Citigroup Global Markets, prudential, CNBC Locations: Manhattan, New York City

☆ Citigroup managing director sues over sexual harassment
▼ + stars: | 2023-11-20 | by ( Jonathan Stempel | ) www.reuters.com time to read: +4 min

The Citigroup Inc (Citi) logo is seen at the SIBOS banking and financial conference in Toronto, Ontario, Canada October 19, 2017. REUTERS/Chris Helgren/File Photo Acquire Licensing RightsNEW YORK, Nov 20 (Reuters) - Citigroup (C.N) was sued on Monday by a managing director who said a former top equities banker subjected her to sexual harassment and abuse including death threats. Lindsey also accused Citigroup of tolerating a "notoriously hostile" environment in its equities division. Lindsey's lawsuit also seeks damages under New York's Adult Survivors Act for an alleged sexual assault by another Citigroup executive following a December 2007 holiday party. The case is Lindsey v Citigroup Global Markets Inc, U.S. District Court, Southern District of New York, No.

Persons: Chris Helgren, Ardith Lindsey, Mani Singh, Lindsey, Singh, Lindsey's, Frank Underwood, Kevin Spacey, Jeremiah Iadevaia, Jonathan Stempel, Lisa Shumaker Organizations: Citigroup Inc, Citi, REUTERS, Citigroup, North America Markets, U.S, Lindsey, Citigroup Global Markets Inc, Court, Southern District of, Thomson Locations: Toronto , Ontario, Canada, New York, Americas, Manhattan, Singh, Southern District, Southern District of New York

LONDON, Sept 15 (Reuters) - Kristine Braden, CEO of Citigroup's main operations in continental Europe, is leaving the firm after 25 years as part of a wider organisational change announced by the U.S. bank earlier this week, according to an internal memo seen by Reuters. Braden was CEO of Citibank Europe and previously held a number of senior roles, including leading the Citigroup Global Markets Europe AG unit. The Wall Street firm this week announced a broad reorganization including stripping out a layer of management and cutting jobs to give CEO Jane Fraser more direct control as she seeks to simplify the structure and give a boost to the stock. Following the announcement of the reorganization, Citi managers are already convening discussions with employees about potential layoffs, which will most likely affect support staff in compliance and risk management, a source familiar with the situation told Reuters on Thursday. Reporting by Anousha Sakoui and Andres Gonzalez Editing by Elisa Martinuzzi, Dhara Ranasinghe and Mark PotterOur Standards: The Thomson Reuters Trust Principles.

Persons: Kristine Braden, Braden, Braden couldn't, Jane Fraser, Anousha Sakoui, Andres Gonzalez, Elisa Martinuzzi, Dhara Ranasinghe, Mark Potter Organizations: Reuters, Citibank Europe, Citigroup Global, Citi, Thomson Locations: Europe, U.S

☆ US SEC accuses Citigroup of record-keeping violations related to underwriting expenses
▼ + stars: | 2023-08-30 | by ( ) www.reuters.com time to read: +1 min

The Citigroup Inc (Citi) logo is seen at the SIBOS banking and financial conference in Toronto, Ontario, Canada October 19, 2017. REUTERS/Chris Helgren/File Photo/File Photo Acquire Licensing RightsCompanies Citigroup Inc FollowAug 29 (Reuters) - The U.S. Securities and Exchange Commission on Tuesday issued a cease-and-desist order against Citigroup Global Markets Inc over accusations the company's underwriting business willfully violated record-keeping requirements. Citigroup, without admitting or denying the findings, agreed to the order and agreed to pay a $2.9 million penalty, according to an SEC statement. The SEC said that "from at least 2009 through May 2019, CGMI used an unsubstantiated and unverified method to calculate and record indirect expenses associated with its work as an underwriter." Reporting by Ismail Shakil, Dan Whitcomb and Tatiana Bautzer; Editing by Caitlin Webber and Jonathan OatisOur Standards: The Thomson Reuters Trust Principles.

Persons: Chris Helgren, CGMI, Ismail Shakil, Dan Whitcomb, Tatiana Bautzer, Caitlin Webber, Jonathan Oatis Organizations: Citigroup Inc, Citi, REUTERS, Citigroup, U.S . Securities, Exchange Commission, Citigroup Global Markets Inc, SEC, Thomson Locations: Toronto , Ontario, Canada

☆ Hedge fund Oceanwood offers 4.4% stake in Spanish bank Unicaja
▼ + stars: | 2023-08-01 | by ( ) www.reuters.com time to read: +1 min

The logo of Unicaja bank is seen on the facade of a Unicaja bank branch in Ronda, Spain, October 26, 2022. REUTERS/Jon Nazca//File PhotoMADRID, Aug 1 (Reuters) - British hedge fund Oceanwood Capital Management is selling up to 117 million shares in Spanish bank Unicaja (UNI.MC) via accelerated bookbuilding, equal to a 4.4% stake or more than half of its total holding, bookrunner BOFA Securities said on Tuesday. At Tuesday's closing price the stake on offer was worth around 124 million euros ($136.04 million). Oceanwood holds a 7.4% stake in Unicaja. Unicaja, which is controlled by Unicaja Banking Foundation with a 30% stake, bought smaller lender Liberbank in 2020 to create Spain's fifth-largest bank with around 110 billion euros ($121 billion) in assets.

Persons: Jon Nazca, Oceanwood, bookbuilding, BOFA, David Vaamonde Juanatey, Andrei Khalip, Barbara Lewis Organizations: REUTERS, Capital Management, Securities, BOFA Securities, Citigroup Global Markets, Unicaja Banking, Thomson Locations: Ronda, Spain, Spanish, Unicaja

☆ Prologis to buy industrial properties from Blackstone for $3.1 billion
▼ + stars: | 2023-06-26 | by ( ) www.reuters.com time to read: +1 min

June 26 (Reuters) - Prologis Inc (PLD.N) said on Monday it has agreed to buy 14 million square feet of industrial properties from real estate funds affiliated with Blackstone (BX.N) for $3.1 billion in an all-cash deal. It currently owns 1.2 billion square feet of logistics real estate in 19 countries. With near record-low vacancy, logistics remains a high conviction theme for us," Nadeem Meghji, head of Blackstone Real Estate Americas, said. Prologis and Blackstone have completed more than a dozen transactions together in the past 11 years, according to the statement. Eastdil Secured, Barclays, BofA Securities, Citigroup Global Markets, Deutsche Bank Securities, Goldman Sachs, J.P.Morgan Securities, Morgan Stanley, PJT Partners and Wells Fargo acted as financial advisers to Blackstone.

Persons: Nadeem Meghji, Prologis, Blackstone, Eastdil, Goldman Sachs, Morgan Stanley, Wells Fargo, Kannaki, Shilpi Majumdar Organizations: Prologis, Blackstone, Estate, Duke Realty Corp, Barclays, BofA Securities, Citigroup Global Markets, Deutsche Bank Securities, J.P.Morgan Securities, PJT Partners, Thomson Locations: Atlanta , Washington DC , California, Dallas, Las Vegas , New York, Phoenix, South Florida, U.S, Bengaluru

☆ Brazil's Americanas to seek bidders for fruit and vegetable unit
▼ + stars: | 2023-05-19 | by ( ) www.reuters.com time to read: +1 min

SAO PAULO, May 18 (Reuters) - Brazil retailer Americanas SA (AMER3.SA) said on Thursday it will next week start to seek potential bidders for the acquisition of its Hortifruti Natural da Terra (HNT) business unit. In a securities filing, Americanas said it has hired Citigroup Global Markets Brazil as the financial adviser for conducting the process to sell the unit, which markets fruits and vegetables. Americanas noted, however, it has started "evaluating strategic alternatives for the business, which may involve preliminary contacts with potential interested parties." Co and HNT," Americanas said in the filing. Reporting by Carolina Pulice and Peter Frontini; Editing by David Alire GarciaOur Standards: The Thomson Reuters Trust Principles.

☆ UAE's ADNOC to offer 15% stake in logistics unit IPO
▼ + stars: | 2023-05-10 | by ( ) www.reuters.com time to read: +1 min

DUBAI, May 10 (Reuters) - Abu Dhabi oil giant ADNOC intends to offer 15% of its shares in unit ADNOC Logistics & Services (ADNOC L&S) through an initial public offering (IPO) on the Abu Dhabi stock exchange, the company said on Wednesday. ADNOC will offer about 1.1 million shares in its maritime logistics services unit, which is expected to list on June 1, subject to market conditions, the statement said. Reuters had reported in March that ADNOC was gearing up to list ADNOC L&S in June. This will be the Abu Dhabi oil giant's second IPO this year after it raised $2.5 billion from its gas business in March. It was created in 2016 following a merger between Abu Dhabi National Tanker Co, Petroleum Services Co and Abu Dhabi Petroleum Ports Operating Co.

☆ The banking crisis is having a slow-burn impact on the economy
▼ + stars: | 2023-04-25 | by ( Jeff Cox | ) www.cnbc.com time to read: +6 min

That's a credit hit on Middle America, on Main Street," said Steven Blitz, chief U.S. economist at TS Lombard. Watching growth aheadIn the immediate future, the reading on first-quarter economic growth is expected to be largely positive despite the banking problems. In fact, the most recent recession was just two years ago in the early days of the Covid crisis. Consumer spending has seemed to hold up fairly well in the face of the banking crisis, with Citigroup estimating excess savings of about $1 trillion still available. [The banking situation] is a headwind, but it's not a gale-force headwind, it's just kind of a nuisance."

Persons: Spencer Platt, Steven Blitz, Stocks, Robert Sockin, it's, Dow Jones, isn't, It's, Moody's, Mark Zandi, headwind, Covid, Jim Baird, Plante, Baird Organizations: New York Stock Exchange, Getty, JPMorgan Chase, Bank of America, TS Lombard, First, Bank, P Bank ETF, Citigroup, Commerce Department, Silicon Valley Bank, Signature Bank, Moody's, Financial Advisors Locations: New York City, U.S, America, First Republic, Atlanta

☆ Extra Space to buy Life Storage for $12.7 bln in self-storage mega deal
▼ + stars: | 2023-04-03 | by ( Pratyush Thakur | ) www.reuters.com time to read: +2 min

April 3 (Reuters) - Real estate investment trust Extra Space Storage (EXR.N) said on Monday it will acquire Life Storage (LSI.N) for $12.7 billion in a deal that will result in the combined company becoming the largest U.S. self-storage space operator by store count. Life Storage, which operates more than 1,150 storage facilities in 37 states and the District of Columbia, in February turned down a $11 billion all-stock takeover bid from Public Storage (PSA.N). Life Storage shares were up 3.5%, while Extra Space shares were down 5.1%. On deal close, Extra Space and Life Storage shareholders are expected to own about 65% and 35% of the combined company. The board of Extra Space will be expanded from 10 directors to 12 and consist of three directors from Life Storage.

☆ India's Tata Technologies, a unit of Tata Motors, files for IPO
▼ + stars: | 2023-03-10 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, March 10 (Reuters) - Tata Technologies, a unit of Indian carmaker Tata Motors (TAMO.NS), filed for an initial public offering (IPO) on Thursday, according to draft papers submitted to the market regulator. However, Tata Tech, which provides engineering and product development digital services, said it will not offer any of the 95.7 million shares, representing around 23.6% of its paid-up share capital, to be sold in the IPO. Instead, Tata Motors, which has a 74.69% stake in Tata Tech, will sell up to 81.1 million shares, while Alpha TC Holdings will sell 9.7 million shares and Tata Capital Growth Fund I will sell 4.9 million shares. The spend on digital services in these industries is expected to rise from $1.64 trillion in 2021 to $2.28-2.33 trillion by 2025, Tata Tech said, citing a report by Zinnov Management Consulting. Tata Motors said in December it was exploring the possibility of selling part of its stake in Tata Tech through a public float.

☆ India's Mamaearth parent files for IPO - draft prospectus
▼ + stars: | 2022-12-29 | by ( ) www.reuters.com time to read: +2 min

[1/2] Indian skincare startup Mamaearth's products are on display for sale at a wholesale shop in Ahmedabad, India, June 22, 2022. REUTERS/Amit DaveBENGALURU, Dec 29 (Reuters) - Parent of Indian personal care products startup Mamaearth, Honasa Consumer Ltd, on Thursday filed for an initial public offering (IPO), according to draft papers submitted to the market regulator. The Sequoia- and Sofina-backed company's IPO will comprise of a fresh issue of shares worth 4 billion rupees ($48.30 million) and an offer for sale of 46.8 million shares. Reuters had reported in June that Mamaearth was in talks to raise at least $300 million for the IPO scheduled for 2023. Honasa said it would use about 1.86 billion rupees from the IPO for advertising expenses.

☆ Dollar hits one-week high vs yen, drops against pound
▼ + stars: | 2022-12-28 | by ( ) www.cnbc.com time to read: +3 min

The dollar touched a one-week high against the yen on Wednesday, boosted by a jump in Treasury yields and investor expectations for a rebound in Chinese growth as COVID-19 curbs loosen. Meanwhile, the pound headed towards its largest one-day rise against the dollar in two weeks as Britain's markets reopened after a long weekend. That day, the yen staged its biggest one-day rally against the dollar in 24 years, closing 3.8% higher, as traders speculated about an eventual unwinding of stimulus. The dollar was up 0.2% against the Japanese yen at 133.785. The Australian dollar rose 1% against its U.S. namesake to $0.680, while the New Zealand dollar strengthened by 1.1% to $0.634.

☆ Vietnamese EV maker VinFast files to go public in the U.S.
▼ + stars: | 2022-12-06 | by ( John Rosevear | ) www.cnbc.com time to read: +2 min

The VF-8 electric vehicle from VinFast, a Vietnamese automaker producing electric cars and SUV's, is on display at their showroom in Santa Monica, California, on July 18, 2022. Vietnamese EV maker VinFast is going public in the U.S.VinFast on Tuesday said it has filed a registration statement with the U.S. Securities and Exchange Commission, the first formal step toward a public offering next year. The company in March announced plans for a $2 billion factory in North Carolina and hopes to deliver its first vehicles to American customers by year-end. It's now focused entirely on electric vehicles – production of its last internal-combustion model ended in early November. Founded in 2017, VinFast is a unit of Vingroup, Vietnam's largest conglomerate, which has interests in real estate development and education as well as a number of technology businesses.

☆ Wall Street banks including Bank of America and Goldman Sachs fined $1.8 billion over failures in monitoring how staff used personal phones to talk about work
▼ + stars: | 2022-09-28 | by ( Grace Dean | ) www.businessinsider.com time to read: +3 min

Wall Street banks have been fined for not monitoring how staff use their phones to talk about work. The offences involved employees ranging senior executives to debt and equity traders. The offences involved employees ranging from supervisors and senior executives to junior investment bankers and debt and equity traders. This included one senior investment banker who had sent and received "tens of thousands" of off-channel text messages, concerning things including investment strategy and client meetings, the SEC said. Each company had failed to retain "hundreds if not thousands of business-related communications," including some connected to their commodities and swaps businesses, the CFTC said.

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