Citigroup Stock News

Tribune Online Cash tender offer for outstanding UBAs $500mn notes, expires November 16 There are indications that the expiration date for a cash tender offer on the outstanding $500 million United Bank for Africa Plcs (UBA) notes, launched alongside $300 million new issue, is November 16. Citibank, Mashreqbank, Renaissance Capital and Standard Chartered Bank are acting as dealer managers on the tender offer. Meanwhile, UBA successfully raised $300 [] Cash tender offer for outstanding UBAs $500mn notes, expires November 16 Tribune Online

Chairman António Horta-Osório cleans up Credit Suisse under the new strategy while major investors call for significant divestments. At the recent Credit Suisse investor day in London, António Horta-Osório (image below) was extensively criticized for doing little more than shifting the business emphasis of Switzerland''s second-largest bank from one area to another. He was also heavily questioned for not providing more clarity on the bank''s leadership under the new strategy. The market did not take the news particularly well, pushing the bank''s share price down 5 percent. But a well-connected investment banker asked by finews.asia had a far more receptive take on the chairman''s actions. Reasonable Effort Horta-Osório did what he reasonably could with what he was given, the banker said. He was cutting the investment bank''s risk profile and shifting capital into areas that generate stable earnings. He also welcomed the efforts to improve risk management and change the bank''s culture from the inside. «Horta-Osório is cleaning house», the dealmaker summed up.

Pictet''s wealth management division has made a raft of hires covering the North Asia market out of both Hong Kong and Singapore, according to an internal memo seen by finews.asia . In Singapore, Pictet Wealth Management (PWM) has formed a new team covering North Asia with three former UOB private bankers, according to an internal memo seen by finews.asia . UOBs ex-North Asia market head Eric Phua has been appointed market group head, reporting to head of South Asia Sharon Chou . Phua has over 20 years of private banking experience and, in addition to UOB, previously also worked for Citi Private Bank a Citi International Personal Bank in Singapore covering the China and Taiwan markets. UOB Trio Joining Phua from UOB Private Bank are Jaime Ang as market leader and Bernard Bay as a senior private banker. Ang was most recently a senior client advisor at UOB covering private banking clients from North Asia for 10 years. Previously, she was also a senior relationship manager at Citi International Personal Bank and DBS.

Chesley Taft & Associates LLC trimmed its stake in shares of Citigroup Inc. (NYSE:C) by 3.3% in the 3rd quarter, Holdings Channel reports. The firm owned 159,070 shares of the companys stock after selling 5,479 shares during the period. Chesley Taft & Associates LLCs holdings in Citigroup were worth $11,164,000 as of its most recent []