(Trinidad Guardian) Citibank yesterday confirmed that it has been engaged by the Government as debt process advisor to assist with the Phase 2 settlement of claims with respect to holders of Clico’s short term investment policies in amounts greater than TT$75,000. Citibank responded in an e-mail late yesterday to a question that was sent to its T&T chief executive, Dennis Evans, on Wednesday. In outlining the scope of its work, Citibank stated that its mandate was “to assist with transaction structuring, documentation, ratings analysis, marketing strategies and process design.” A key focus of its engagement, according to the Citibank engagement, will be to assist with an effective communications strategy for short term investment product holders and other key stakeholders.
“Work is currently under way on the mechanisms to carry out the Government’s stated policy with regard to the resolution of Clico, and Citi will work alongside legal and accountancy advisors assisting with this process,” Citi is a leading advisor to governments around the world with respect to funding in local and international markets as well as with respect to the management or restructuring of outstanding liabilities, according to the statement, which added that the bank recently assisted with a US$7.8 billion debt exchange offer for the Government of Jamaica.
The Citigroup reported last month that its net income for the fourth quarter profit fell 11 per cent in the last three months of 2011. Citi made US$1.16 billion, or 38 cents per share, on revenue of $17.2 billion. A year earlier, in the fourth quarter of 2010, Citigroup made US$1.3 billion on revenue of US$18.4 billion. The bank declared full year 2011 net income of US$11.3 billion, which was 6 per cent up from US$10.6 billion in 2010.
