Citigroup will pay $1.7bn (â¬1.1bn) a year in dividend payments on its cash injection of $20bn from sovereign wealth funds and other investors aimed at plugging a hole left in its balance sheet by a further $18bn of writedowns announced this morning.
The bank revealed today that the Government of Singapore Investment Corp, Capital Research Global Investors, Kuwait Investment Authority, the New Jersey Division of Investments, Prince Alwaleed bin Talal and Sanford Weill, the bank's former chairman, as well as the Weill family foundation, had invested $6.88bn of a $12.5bn capital infusion. The firm did not say which investors would provide the remaining $5.6bn.
