Citigroup Financial News

If you work for Citi now, there are two women who might fill you with apprehension. One is Jane Fraser, the CEO who is on a mission to extract layers of management, do away with pointless meetings and cut jobs, the other is Titi Cole, who is the person tasked with executing Fraser’s intentions.

(Reuters) -Wall Street brokerages largely initiated Birkenstock (NYSE:BIRK) with their top ratings, pointing to a likely boost from the German luxury sandal maker's recent investments to increase capacity, expansion into newer styles and brand loyalty.

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Some Citigroup credit-card customers are getting a stark warning from the bank: Go paperless or lose access to your online account. Banks and credit-card companies have been nudging customers to give up paper statements for years. Aside from the environmental benefits of not printing millions of pages, banks have said switching to digital statements is also a cost-saving measure.

By Kane Wu and Scott Murdoch

debt market. The government plans to sell ₹10,000 crore of a 2073 bond on Friday, according to the Reserve Bank of India. Bajaj Allianz Life Insurance Co.

Honasa Consumer, which owns new-age FMCG brands like Mamaearth and The Derma Co, got subscribed 12% on the first day of subscription on Tuesday. The IPO received bids for 36,07,182 shares against 2,88,99,514 shares on offer, according to NSE data. The portion for Retail Individual Investors (RIIs) was subscribed 34% while the quota for Qualified Institutional Buyers (QIBs) received 10% subscription. The category for non-institutional investors got subscribed 3%.

Mint previously reported that Gentari Sdn Bhd and GIC Holdings Pte Ltd will invest $1.75 billion in AM Green Ammonia Holdings, a company owned by Greenko Group founders Mahesh Kolli and Anil Kumar Chalamalasetty. Gentari will invest $1.5 billion for a 30% stake in AM Green Ammonia Holdings, valuing the company at $5 billion.

By Niket Nishant and Lananh Nguyen

Honasa Consumer Ltd, which is set to launch its initial public offering (IPO) on October 31, will continue to have its flagship beauty and personal care brand Mamaearth at the core of its growth strategy, cofounder and chief innovation officer Ghazal Alagh said. She said Mamaearth will focus on offline sales to fuel its next phase of growth, while other brands will retain their focus on online sales.

(Reuters) -The Federal Reserve Board on Thursday ended the enforcement action on Citigroup from 20 15 that required the lender to revamp its risk management practices, sending the shares of the lender up 2.1% in morning trading.

Canadian banks have resumed cutting jobs after a three-year hiatus, with lenders and investment banks so far dismissing at least 6,000 workers, and analysts predicting more to come as revenue remains under pressure.

The IPO includes fresh issuance of shares worth up to Rs 365 crore and an offer for sale (OFS) of about 4.12 crore shares. Honasa promoter Varun Alagh will sell 3,186,300 shares while his wife Ghazal Alagh will sell up to 100,000 shares in IPO. Other shareholders who would be selling stake in the OFS include Kunal Bahl, Shilpa Shetty Kundra, Rishabh Harsh Mariwala, Fireside Ventures Fund, Sofina, Stellaris and Rohit Kumar Bansal. The bid lot size has been fixed at 46 shares per lot, which implies that the minimum bid lot amount in the retail category would be Rs 14,904. About 10% of the issue size has been reserved for retail investors, 15% has been allocated to the HNIs while the remaining 75% is reserved for qualified institutional buyers (QIB). Honasa employees will get a discount of Rs 30 per share as well as a reservation of equity shares worth up to Rs 10 crore. The stock will get listed on both NSE and BSE on November 10 while the finalisation of the basis of allotment is likely to be done by November 7. Book-running lead managers for the IPO include Kotak Mahindra Capital, Citigroup, JM Financial and JP Morgan. Net proceeds from the IPO would be spent on advertisement expenses towards enhancing the awareness and visibility of brands, capital expenditure for setting up new EBOs, to set up new salons under its subsidiary Bhabani Blunt Hairdressing, general corporate purposes and unidentified inorganic acquisition.

Country Garden Holdings Co. was deemed to be in default on a dollar bond for the first time ever, underscoring its fall into distress amid a broader property debt crisis that's shaken the world's second-biggest economy. Country Garden's failure to pay interest on the note within a grace period that ended last week «constitutes an event of default,» according to a notice to holders from trustee Citicorp International Ltd. seen by Bloomberg News.

Reserve Bank of India backed an outsider with little experience in the country to lead Kotak Mahindra Bank Ltd., surprising analysts and senior management and sending its stock falling. In a rare move for an Indian lender, Kotak went outside its own ranks with the selection of Ashok Vaswani as chief executive officer. Some senior managers were shocked and disappointed, as investment banker K.V.S Manian was seen as the front runner, according to people familiar with the matter.

₹365 crore in primary capital, and offer 41,248,162 equity shares for sale, it said. Existing investors Fireside Ventures, Stellaris Venture Partners, Sofina Ventures, as well as high net-worth individuals Kunal Bahl, Rishab Mariwala, Rohit Bansal, and Shilpa Shetty will be selling some of their shares through the IPO.

Kotak Mahindra Bank: After the resignation of Uday Kotak as CEO and MD of Kotak Mahindra Bank, international banker Ashok Vaswani, on Saturday, was announced as the next CEO. Unlike experts' prediction of the appointment of an insider in the top leadership role, Kotak Mahindra Bank chose to bring the “Global Indian" back home as its next CEO. Ashok Vaswani holds immense experience in a wide range of fields from AI to banking.

Kotak Mahindra Bank on Saturday said the Reserve Bank of India (RBI) has approved the appointment of Ashok Vaswani as the bank's Managing Director and Chief Executive Officer (MD & CEO) for a period of three years. Vaswani, who has worked with Barclays in the recent past, will succeed Uday Kotak who quit as MD of the bank effective September 1. At present, Vaswani is President of Pagaya Technologies Ltd — a US-Israeli AI Fintech.

Kotak Mahindra Bank, Ashok Vaswani was CEO at Citigroup Asia Pacific and a Member of the Citigroup Global Operating and Management Committees. He also built and ran various country and regional businesses across geographies. The international banker “brings with him significant exceptional experience with a high degree of compliance and industrial strength across Corporate and Consumer businesses," the company release said.

Ashok Vaswani as the managing director and chief executive officer of Kotak Mahindra Bank for a period of three years from January 1, 2024. Vaswani has more than three decades of experience in the banking sector. He was Chief Executive Officer of Barclays Bank, UK, and subsequently CEO of their global consumer, private, corporate and payments businesses.

₹10,000 crore- ₹12,000 crore ($1.2 billion-$1.4 billion). The company is lining up investors for its anchor book for which it is raising ₹800 crore to ₹900 crore from institutional investors, said three people with knowledge of the development, asking to be anonymous. “The book-building process has started around this valuation, and there is considerable interest from investors for that value," the first person cited above said.