Citi has $280m in loans tied to commodities under investigation

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Citigroup Chief Financial Officer John Gerspach said the bank has about $280m in loans tied to commodities at two ports in China, the nation where authorities are investigating whether stockpiled metals fall short of collateral obligations.

Bloomberg News reports that Citigroup made the loans to non-Chinese subsidiaries of large, multinational corporations, and the contracts are guaranteed by the parents, Gerspach said on a call last week with fixed-income investors.

To access the complete Bloomberg News article hit the link below:

Citigroup Has $280 Million in Loans at Two China Ports

U.K. SFO Said Close to Opening FX-Rigging Investigation

 

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