A Chinese dairy backed by Citibank (NYSE:C), Morgan Stanley (NYSE:MS), Goldman Sachs (NYSE:GS) and the Royal Bank of Scotland, among others, has collapsed, as it will not be able to pay off its creditors and will be liquidated.
Taizinai, the company in question, was at one time prepared to go public before the tainted milk scandal in China caused the overall Chinese milk industry to be suspect, even though Taizinai wasn't included among the companies which produced the tainted milk.
Even so, the government in Hunan took over the operations of Taizinai, and the very predictable results leading to the failure of the company are now a reality.
The debt owed by the company comes to $439 million. While the holding company is being liquidated, the subsidiary located in China is continuing its operations.
Showing posts with label Citibank. Show all posts
Showing posts with label Citibank. Show all posts
Wednesday, April 14, 2010
Tuesday, April 13, 2010
Citibank (NYSE:C) Funding Vietnam Bauxite Project
Citibank finances Vietnam Bauxite Projects
Citibank (NYSE:C) has signed a deal with the Vietnam National Coal and Mineral Industries group to finance the Lam Dong bauxite project, located in the Central Highlands of the country.
The credit deal will extend for a period of 13 years, and is for up to $200 million in loans for the project.
Vinacomin, the leading coal miner in Vietnam, will develop the bauxite sites.
Citibank (NYSE:C) has signed a deal with the Vietnam National Coal and Mineral Industries group to finance the Lam Dong bauxite project, located in the Central Highlands of the country.
The credit deal will extend for a period of 13 years, and is for up to $200 million in loans for the project.
Vinacomin, the leading coal miner in Vietnam, will develop the bauxite sites.
Monday, April 12, 2010
Citibank (NYSE:C) Helps Hindustan Petroleum Raise 10 Billion Rupees with Bonds
Hindustan Petroleum
Hindustan Petroleum, an refining company based in Mumbai, India, raised about 10 billion rupees with the aid of Citibank (NYSE:C), along with Axis Bank., SBI Capital Markets and Standard Chartered Bank (LSE:STAN).
The debentures were evidently sold in December 2009 at 7.35 percent.
Hindustan Petroleum
Hindustan Petroleum, an refining company based in Mumbai, India, raised about 10 billion rupees with the aid of Citibank (NYSE:C), along with Axis Bank., SBI Capital Markets and Standard Chartered Bank (LSE:STAN).
The debentures were evidently sold in December 2009 at 7.35 percent.
Hindustan Petroleum
Thursday, April 8, 2010
Citibank (NYSE:C) Targets High Net Worth People in Asia
Citibank Asian Strategy
Citibank (NYSE:C) believes wealth management is a great opportunity, and to that end are target people in the Asian market with high net worths, a segment of the market growing strongly.
The particular range of net worth is from $1 million to $10 million that Citibank is looking for in the region.
Citibank expects this segment of the Asian market to grow at a rate of 15 to 20 percent over the next three to five years, and those customers are always looking for help in managing their wealth, and is a very lucrative market to win business in.
Close to 50 percent of high net worth clients in Asia own businesses, and the other half are well-paid executives or employees, or the companies themselves.
One of the strategie is to tap the business owners not only for the business, but to then attract them to do their personal business at the banks as well.
Citibank (NYSE:C) believes wealth management is a great opportunity, and to that end are target people in the Asian market with high net worths, a segment of the market growing strongly.
The particular range of net worth is from $1 million to $10 million that Citibank is looking for in the region.
Citibank expects this segment of the Asian market to grow at a rate of 15 to 20 percent over the next three to five years, and those customers are always looking for help in managing their wealth, and is a very lucrative market to win business in.
Close to 50 percent of high net worth clients in Asia own businesses, and the other half are well-paid executives or employees, or the companies themselves.
One of the strategie is to tap the business owners not only for the business, but to then attract them to do their personal business at the banks as well.
Monday, April 5, 2010
Citigroup (NYSE:C) Appointed Depositary for China Lodging
Citigroup (NYSE:C) Appointed Depositary for China Lodging's Nasdaq-Listed ADR Program
NEW YORK & HONG KONG, Apr 05, 2010 (BUSINESS WIRE) -- Citi's Global Transaction Services business, acting through Citibank N.A., today announced that it has been appointed by China Lodging Group Ltd. ("China Lodging"), a Cayman Island registered, China based company, as the depositary bank for its NASDAQ-listed American Depositary Receipt (ADR) program.
China Lodging's ADR program was established through a $126,787,500 offering, originally priced at $12.25 per ADR. The ADRs are listed on NASDAQ under the symbol "HTHT", and represent the first IPO of 2010 conducted in ADR form and listed on the NASDAQ Stock Exchange. Each ADR represents 4 ordinary shares; however, as a single-listed ADR program, the underlying ordinary shares are not listed or publicly traded in the issuer's home market.
"We are very excited to have successfully completed the IPO and listed on the NASDAQ Stock Exchange, as this is another milestone for our growth," said Mr. Matthew Zhang, CEO of China Lodging. "With the booming economy in China, we'll continue to benefit from increasing demand in the travel and lodging industry. We look forward to further creating shareholders' value in the future."
Nancy Lissemore, Global Head of Depositary Receipt Services at Citi, said, "We are very pleased to have been appointed by China Lodging to participate in their ADR capital raising as the depositary bank. Citi's investor relations expertise and unmatched global equity distribution network can deliver the resources required to assist China Lodging in building and maintaining a successful ADR program."
For more information on Citi's Depositary Receipt Services, visit www.citi.com/dr.
Global Transaction Services, a division of Citi's Institutional Clients Group, offers integrated cash management, trade, and securities and fund services to multinational corporations, financial institutions and public sector organizations around the world. With a network that spans more than 100 countries, Citi's Global Transaction Services supports over 65,000 clients. As of the fourth quarter of 2009, it held on average $335 billion in liability balances and $12.1 trillion in assets under custody.
About China Lodging
China Lodging Group Ltd. operates a leading economy hotel chain serving value-conscious business and leisure travellers in China under the HanTing brands. As of December 31, 2009, the company operated 236 hotels in 39 cities all across China. China Lodging has 3 brands of different price points under management, including HanTing Seasons Hotel, HanTing Express Hotel and HanTing Hi Inn. For additional information on China Lodging, visit www.htinns.com [English site: http://ir.htinns.com/]
About Citi
Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 140 countries. Through Citicorp and Citi Holdings, 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. Additional information may be found at www.citigroup.com or www.citi.com.
SOURCE: Citi
Citi
Media Relations
Nina Das, 212-816-9267
nina.das@citi.com
NEW YORK & HONG KONG, Apr 05, 2010 (BUSINESS WIRE) -- Citi's Global Transaction Services business, acting through Citibank N.A., today announced that it has been appointed by China Lodging Group Ltd. ("China Lodging"), a Cayman Island registered, China based company, as the depositary bank for its NASDAQ-listed American Depositary Receipt (ADR) program.
China Lodging's ADR program was established through a $126,787,500 offering, originally priced at $12.25 per ADR. The ADRs are listed on NASDAQ under the symbol "HTHT", and represent the first IPO of 2010 conducted in ADR form and listed on the NASDAQ Stock Exchange. Each ADR represents 4 ordinary shares; however, as a single-listed ADR program, the underlying ordinary shares are not listed or publicly traded in the issuer's home market.
"We are very excited to have successfully completed the IPO and listed on the NASDAQ Stock Exchange, as this is another milestone for our growth," said Mr. Matthew Zhang, CEO of China Lodging. "With the booming economy in China, we'll continue to benefit from increasing demand in the travel and lodging industry. We look forward to further creating shareholders' value in the future."
Nancy Lissemore, Global Head of Depositary Receipt Services at Citi, said, "We are very pleased to have been appointed by China Lodging to participate in their ADR capital raising as the depositary bank. Citi's investor relations expertise and unmatched global equity distribution network can deliver the resources required to assist China Lodging in building and maintaining a successful ADR program."
For more information on Citi's Depositary Receipt Services, visit www.citi.com/dr.
Global Transaction Services, a division of Citi's Institutional Clients Group, offers integrated cash management, trade, and securities and fund services to multinational corporations, financial institutions and public sector organizations around the world. With a network that spans more than 100 countries, Citi's Global Transaction Services supports over 65,000 clients. As of the fourth quarter of 2009, it held on average $335 billion in liability balances and $12.1 trillion in assets under custody.
About China Lodging
China Lodging Group Ltd. operates a leading economy hotel chain serving value-conscious business and leisure travellers in China under the HanTing brands. As of December 31, 2009, the company operated 236 hotels in 39 cities all across China. China Lodging has 3 brands of different price points under management, including HanTing Seasons Hotel, HanTing Express Hotel and HanTing Hi Inn. For additional information on China Lodging, visit www.htinns.com [English site: http://ir.htinns.com/]
About Citi
Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 140 countries. Through Citicorp and Citi Holdings, 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. Additional information may be found at www.citigroup.com or www.citi.com.
SOURCE: Citi
Citi
Media Relations
Nina Das, 212-816-9267
nina.das@citi.com
Tuesday, March 16, 2010
Citibank (NYSE:C) Growing Commodities Unit
Citibank Commodities Unit
Citibank (NYSE:C) is looking to its investment banking division for growth, specifically its commodities unit, which it is focusing on expanding in the near term.
Raw materials and agriculture should be strong sectors for many years, and even with the alleged move by China to tighten its monetary policy, that could be a ploy as it negotiates across a number of sectors for raw materials it needs desperately.
One for sure is iron ore for the steel industry in China, which is booming and a major export for the country.
Precious metals are another sector which China will have great demand for in the years ahead.
With the pressure to cut back on fees in relationship to consumers, banks like Citibank are looking outside of retail banking for growth sectors, and commodities afford some of the best opportunities in the years ahead, even though there could be a lot of ups and downs on the road.
Citibank Commodities Unit
Citibank (NYSE:C) is looking to its investment banking division for growth, specifically its commodities unit, which it is focusing on expanding in the near term.
Raw materials and agriculture should be strong sectors for many years, and even with the alleged move by China to tighten its monetary policy, that could be a ploy as it negotiates across a number of sectors for raw materials it needs desperately.
One for sure is iron ore for the steel industry in China, which is booming and a major export for the country.
Precious metals are another sector which China will have great demand for in the years ahead.
With the pressure to cut back on fees in relationship to consumers, banks like Citibank are looking outside of retail banking for growth sectors, and commodities afford some of the best opportunities in the years ahead, even though there could be a lot of ups and downs on the road.
Citibank Commodities Unit
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