Citigroup will pay cash dividends on the Preferred Stock, only when, as, and if declared by the board of directors of Citigroup, or a duly authorized committee of the board, out of funds legally available to pay dividends, at an annual rate of 5.80% on the liquidation preference amount of $25,000 per share of Preferred Stock (equivalent to $1.45 per depositary share per year), quarterly in arrears, on January 22, April 22, July 22, and October 22 of each year (each, a Ùdividend payment dateˆ), beginning on July 22, 2013. Dividends on the Preferred Stock will not be cumulative.
Citigroup may redeem the Preferred Stock (i) in whole or in part, from time to time, on any dividend payment date on or after April 22, 2018, or (ii) in whole but not in part at any time within 90 days following a Regulatory Capital Event (as defined on page S-10), in each case at a cash redemption price equal to $25,000 per share of Preferred Stock (equivalent to $25 per depositary share) plus any declared and unpaid dividends and without accumulation of any undeclared dividends, to but excluding the redemption date. If Citigroup redeems the Preferred Stock, the depositary will redeem a proportionate number of depositary shares. Under current rules and regulations, Citigroup would need regulatory approval to redeem the Preferred Stock.
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Citigroup is a financial services holding company whose businesses provide consumers, corporations, governments and institutions with a range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, trade and securities services and wealth management. Co. operates two primary operating segments: Institutional Clients Group, which includes banking and markets and securities services; and Global Consumer Banking, which provides banking services to retail customers through retail banking, branded cards and, in the U.S., retail services. Preferreds: C.PRG, C.PRH, C.PRV, C.PRZ, C.PRR, C.PRQ, C.PRO, C.PRU, C.PRW, C.PRE, C.PRF, C.PRI, C.PRP, C.PRM, C.PRN, C.PRC, C.PRJ, C.PRK, C.PRL, C.PRS Open the C Information Page » |
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