| To: All Citibank customers |
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Date: January 20, 2010
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Dear Customer,
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| Yesterday, Citi announced fourth quarter and full-year results for 2009, including full year managed revenues of US$91.1 billion, expenses of US$47.8 billion and a full year 2009 net loss of US$1.6 billion. We believe that we have made tremendous progress in 2009 and have built substantial financial strength via capital, liquidity and loan loss reserves and have dramatically reduced expenses and non-core assets. In December, we achieved one of our most important near-term goals – we repaid the TARP trust preferred securities and exited the loss-sharing agreement with the U.S. government. |
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Key items include:
- Fourth quarter net loss of US$7.6 billion; US$1.4 billion excluding the impact of TARP repayment and exit of loss-sharing agreement
- Net credit losses lower for second consecutive quarter
- Tier 1 capital ratio of 11.7% and Tier 1 common ratio of 9.6%
- Tier 1 common of US$104.6 billion and allowance for loan losses of US$36 billion
- Citicorp 2009 net income of US$14.7 billion, up from US$6.1 billion in 2008
- Citi Holdings assets down US$168 billion or 23% in 2009, and US$351 billion from peak levels
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| In summary, 2009 was a year of dramatic progress for Citi: we separated our core and non-strategic businesses, we overhauled risk management, we assembled new management teams – all in an effort to allow us to completely focus on our clients and their needs. Asia Pacific continued to be the largest contributor to Citi net income globally in 2009. By any measure, Citi is much stronger today than it was a year ago, and we have you to thank. |
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Our clients are our most important asset and we look forward to continuing to serve you, delivering quality advice, products and solutions. We enter 2010 with a strong financial foundation and clear strategy for the future. |
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| In Hong Kong, we will continue to invest and grow our franchise in 2010. Following our first transit branch opening at the Kowloon Tong MTR station in the last quarter, we have just opened five branches and extended our branch opening hours in order to provide enhanced access to financial services for you. Hong Kong is one of Citi’s key markets and we will continue to extend our presence across the territory, as well as deliver more innovative products and services to you, our much valued client. |
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| We thank you for your support and for choosing Citi as your
partner. |
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| If you have any additional questions about our earnings,
please contact our 24-Hour Customer Services Hotline (852) 2860 0333 or your
Relationship Manager. |
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Yours sincerely, |
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Weber Lo |
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Chief Executive Officer & Country Business Manager |
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Citibank (Hong Kong) Limited |
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