Citigroup Inc. has partnered with Apollo Global Management Inc. in the fast-growing private credit market. The goal of the collaboration is to arrange financing for corporate and private equity clients. Apollo Global Management, Inc. is a U.S. asset management company that primarily invests in alternative assets. In 2022, the company had USD 548 billion in assets under management, including USD 392 billion invested in loans, mezzanine capital, hedge funds, non-performing loans and collateralized loan obligations. The company also invested USD 99 billion in private equity and USD 46.2 billion in real estate infrastructure. The companies will initially focus on this strategic partnership in North America, along with other partners such as Mubadala Investment Co. and insurer Apollo Athene. The companies have agreed to work together on transactions worth $25 billion over the next five years. Citigroup Inc (NYSE-C) also has plans to expand into China. However, Citigroup has hit a snag with U.S. regulators there because it has not yet received a letter of approval from Chinese authorities verifying Citigroup Inc.’s regulatory status, which are necessary to document.
Citigroup Inc (NYSE-C) will also release its third quarter 2024 financial results via a press release on October 15, 2024. The company reported an increase in its revenue for the fiscal year 2023, with total sales of $78.46 billion. The company’s operating profit was USD 12.91 billion. After deducting all expenses, the company earned a net profit of USD 9.228 billion. The company has total assets of USD 2.412 trillion and equity of USD 205.5 billion. The company employs 239,000 tribal workers. Citigroup Inc (NYSE-C) also pays a quarterly dividend. Currently, the dividend yield is at 4.32% per annum and the actual dividend amount approved by the company’s annual general meeting is $0.51 per share. The average target price has been set by 18 Wall Street brokers for the short to medium term investment horizon at $71.36 per share.
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