Citigroup partnered with HPS Investment Partners, a BlackRock affiliate, to launch a €15 billion private credit program. The five-year agreement focuses on direct lending to companies across Europe, the Middle East, and Africa. Citigroup will source and originate sub-investment-grade debt for the initiative. This partnership aims to increase the bank's fee income and expand its lending franchise.
Citigroup also received final regulatory approval to establish a wholly foreign-owned securities firm in mainland China. The approval concludes a four-year application process. The bank will now directly underwrite equity and debt offerings and provide brokerage services. This expansion aligns with Citigroup's strategy to pivot from Chinese consumer banking to institutional services.