GTLP Citi IV (IFC-40688)

Regions
  • World
Where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Proposed
Bank Risk Rating
FI
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
May 30, 2018
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
CITIBANK N.A.
The holder of the loan, grant, or other investment.
Sectors
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Ring Fence
  • No Restrictions
A financial intermediary is a commercial bank or financial institution that receives funds from a development bank, sometimes for a specific lending purpose. A "ring fence" is another name for this specific purpose. These funds are then used for lending by the financial intermediary to client companies or individuals.
Project Cost (USD)
$ 1,200.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Aug 8, 2018

Disclosed by Bank Apr 26, 2018


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Project Description

The proposed project, GTLP Citi IV, falls under the Global Trade Liquidity Program, a trade finance program launched by the International Finance Corporation in 2009. The Global Trade Liquidity Program provides liquidity or guarantees thereby helping banks to more fully utilize their credit limits, manage risk and support trade in the emerging markets. Since its launch, the GTLP Program has supported more than US$54.4 billion in trade (one third of which in IDA countries). The GTLP Citi IV project is a renewal of the existing GTLP Citi III transaction. GTLP Citi IV involves establishing a funded risk sharing facility with Citibank, N.A. (“Citi” or the “Bank”) for up to US$1.2 billion, with an IFC investment of up to US$600 million in a portfolio of trade finance assets (the “Project”).

Investment Description

The Project will be in an amount up to US$1.2 billion with an underlying portfolio of trade finance assets, risk-shared by Citi and IFC/Program Partners on a 50:50 basis.

Financial Intermediary
Financial Intermediary: A commercial bank or financial institution that receives funds from a development bank. A financial intermediary then lends these funds to their clients (private actors) in the form of loans, bonds, guarantees and equity shares. Financial intermediaries include insurance, pension and equity funds. The direct financial relationship is between the development bank and the financial intermediary.
Private Actor Relationship

There is often limited information publicly available about what development banks are funding through financial intermediaries. In 2021, the Early Warning System partnered with Oxfam International to incorporate information on high-risk projects being funded by financial intermediaries receiving funding from the International Finance Corporation (IFC) and the Dutch Development Bank (FMO).

The information listed below describes the relationship between the different private actors linked to high-risk sectors and subprojects of IFC and FMO's financial intermediary investments and/or the financial intermediary's parent companies made from 2017 through 2020, including any associated ring fences.

The database, however, does not explicitly or implicitly imply that IFC or FMO have material exposure to or are contractually or legally accountable to the sub-projects financed by their financial intermediaries or the financial intermediary's parent companies. It only shows a seemingly financial relationship among the different private actors, the financial intermediaries, and IFC or FMO.

Private Actors Description

The Bank’s parent, Citigroup Inc. is listed on the New York Stock Exchange and the Bolsa Mexicana de Valores.  Citi is rated ‘A+’, ‘A1’, and ‘A+’ by Standard & Poor’s, Moody’s and Fitch, respectively, with a positive outlook from Moody’s and a stable outlook from Standard & Poor’s and Fitch.  Shareholders with holdings larger than 5% include Blackrock, Inc. (7.33% stake); Vanguard Group, Inc. (7.09% stake), as of April 2018.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Citigroup Inc. Parent Company -
ACS Parent Company Construction owns Dragados SA Client Construction
ACS Parent Company Construction owns Ventia Pty Ltd Client Construction
AEA Investors LP Parent Company Construction owns CPG International Inc Client Construction
Akira Holding Foundation Parent Company Agriculture and Forestry owns Louis Dreyfus Co Asia Pte Ltd Client Agriculture and Forestry
Akira Holding Foundation Parent Company Agriculture and Forestry owns Louis Dreyfus Co Brasil SA Client Agriculture and Forestry
Akira Holding Foundation Parent Company Agriculture and Forestry owns Louis Dreyfus Co Bv Client Agriculture and Forestry
ALBA Parent Company Construction owns Alum Bahrain Line 6 Expansion Client Construction
Alstom SA Parent Company Construction owns Alstom SA-Auxiliary Components Client Construction
Amadeus IT Holding SA Parent Company Communications owns AMADEUS IT GROUP SA Client Communications
Ancestry.com Inc Parent Company Communications owns Ancestry.com Client Communications
Apollon Holding AS Parent Company Construction owns Verallia France SA Client Construction
Atlas Copco AB Parent Company Construction owns Atlas Copco-Mining & Civil Bus Client Construction
Bacardi & Co Ltd Parent Company Agriculture and Forestry owns Bacardi Ltd Client Agriculture and Forestry
Bakk AL Holdings Ltd Parent Company Agriculture and Forestry owns Bakkavor Group Ehf Client Agriculture and Forestry
Barilla Holding SpA Parent Company Agriculture and Forestry owns Barilla G e R Fratelli SpA Client Agriculture and Forestry
Bitten Og Mads Clausens Fond Parent Company Communications owns Danfoss A/S Client Communications
Brightstar Capital Partners LP Parent Company Construction owns QualTek USA LLC Client Construction
Broadcom Inc Parent Company Communications owns Broadcom Corp Client Communications
Bunge Ltd Parent Company Agriculture and Forestry owns Bunge Finance Europe Client Agriculture and Forestry
Campbell Soup Co Parent Company Agriculture and Forestry owns Arnotts Ltd Client Agriculture and Forestry
Carl-Zeiss-Stiftung Parent Company Construction owns Schott AG Client Construction
Carlsberg A/S Parent Company Agriculture and Forestry owns Carlsberg Breweries A/S Client Agriculture and Forestry
Centerbridge Partners LP Parent Company Construction owns Senvion GmbH Client Construction
Cequel Data Centers LLC Parent Company Communications owns TierPoint LLC Client Communications
Citigroup Inc Parent Company Communications owns Intcomex Inc Client Communications
Clayton Dubilier & Rice Hldg Parent Company Agriculture and Forestry owns Wilsonart LLC Client Agriculture and Forestry
CNH Industrial NV Parent Company Construction owns CNH Global NV Client Construction
Coca-Cola HBC AG Parent Company Agriculture and Forestry owns Coca Cola HBC Finance BV Client Agriculture and Forestry
Cosan Ltd Parent Company Agriculture and Forestry owns Usina da Barra SA(Grupo Cosan) Client Agriculture and Forestry
CVC Capital Partners Ltd Parent Company Construction owns Praesidiad NV Client Construction
Dell Technologies Inc Parent Company Communications owns VMware Inc Client Communications
Dubai Electricity & Water Parent Company Construction owns Emirates Centl Cooling Sys Client Construction
DXC Technology Co Parent Company Communications owns DynCorp Client Communications
Evertec Inc Parent Company Communications owns EVERTEC Group LLC Client Communications
EVO Merchant Services LLC Parent Company Communications owns EVO Payments International LLC Client Communications
Ferrero International SA Parent Company Agriculture and Forestry owns Ferrara Candy Co Inc Client Agriculture and Forestry
Ferrero International SA Parent Company Agriculture and Forestry owns Ferrara Pan Candy Co Inc Client Agriculture and Forestry
Fidelity National Finl Inc Parent Company Communications owns Black Knight Financial Svcs Client Communications
Fortress Investment Group LLC Parent Company Construction owns Interpool Inc Client Construction
Gardner Denver Holdings Inc Parent Company Construction owns Gardner Denver Inc Client Construction
Garfield Weston Foundation Parent Company Agriculture and Forestry owns Associated British Foods PLC Client Agriculture and Forestry
GDC Transition Co Parent Company Construction owns Guardian Industries Corp Client Construction
GI Partners LLP Parent Company Communications owns Peak 10 Inc Client Communications
Hamilton Sundstrand Corp SPV Parent Company Construction owns Sundyne Corp Client Construction
HD Supply Holdings Inc Parent Company Construction owns HD Supply Inc Client Construction
HIG Capital Partners LP Parent Company Agriculture and Forestry owns Arctic Glacier Inc Client Agriculture and Forestry
Ingersoll Rand Inc Parent Company Construction owns Gardner Denver Inc Client Construction
Ingersoll-Rand PLC Parent Company Construction owns Ingersoll-Rand Glbl Hldgs Co Client Construction
IQVIA Hldg Inc Parent Company Communications owns IQVIA Inc Client Communications
JAB Holding Co Sarl Parent Company Agriculture and Forestry owns Keurig Green Mountain Inc Client Agriculture and Forestry
Japan Tobacco Inc Parent Company Agriculture and Forestry owns Japan Tobacco International SA Client Agriculture and Forestry
JBS SA Parent Company Agriculture and Forestry owns Pilgrims Pride Corp Client Agriculture and Forestry
Jianping (Tianjin) Tech Info Parent Company Communications owns Nexperia Holding BV Client Communications
KKR & Co Inc Parent Company Communications owns Calisen PLC Client Communications
Koch Industries Inc Parent Company Construction owns Georgia-Pacific LLC Client Construction
Komatsu Ltd Parent Company Construction owns Komatsu Finance America Inc Client Construction
L'Arche Green NV Parent Company Agriculture and Forestry owns Heineken International BV Client Agriculture and Forestry
Level 3 Commun Inc Parent Company Communications owns Level 3 Finance Client Communications
Libbey Inc Parent Company Construction owns Libbey Glass Inc Client Construction
Lone Star Funds Parent Company Construction owns Continental Building Products Client Construction
Maple Holdings BV Parent Company Agriculture and Forestry owns Keurig Dr Pepper Inc Client Agriculture and Forestry
Ministry of Finance Singapore Parent Company Agriculture and Forestry owns Olam International Ltd Client Agriculture and Forestry
Monde Nissin Corp Parent Company Agriculture and Forestry owns Marlow Foods Ltd Client Agriculture and Forestry
Natel Engineering Co Inc Parent Company Communications owns Victron Inc Client Communications
National Amusements Inc Parent Company Communications owns CBS Radio Inc Client Communications
Nestle SA Parent Company Agriculture and Forestry owns Froneri Ltd Client Agriculture and Forestry
Nippon Sheet Glass Co Ltd Parent Company Construction owns NSG UK Enterprises Ltd Client Construction
Nuance Communications Inc Parent Company Communications owns Nuance-Automotive Business Client Communications
NutriAsia Inc Parent Company Agriculture and Forestry owns Del Monte Pacific Ltd Client Agriculture and Forestry
Onex Corp Parent Company Communications owns Celestica Inc Client Communications
Ontario Teachers' Psn Plan Brd Parent Company Construction owns Alliance Laundry Systems LLC Client Construction
Platinum Equity LLC Parent Company Construction owns Platinum Eq Capital Partners Client Construction
Post Holdings Inc Parent Company Agriculture and Forestry owns 8th Ave Food & Provisions Inc Client Agriculture and Forestry
Post Holdings Inc Parent Company Agriculture and Forestry owns BellRing Brands Inc Client Agriculture and Forestry
Quintiles Ims Holdings Inc Parent Company Communications owns IMS Health Inc Client Communications
Ripplewood Holdings LLC Parent Company Agriculture and Forestry owns Hostess Brands LLC Client Agriculture and Forestry
Rolls-Royce Holdings PLC Parent Company Construction owns Rolls-Royce PLC Client Construction
Sappi Ltd Parent Company Agriculture and Forestry owns Sappi Papier Holding AG Client Agriculture and Forestry
Shenzhen Inovance Tech Co Ltd Parent Company Construction owns Inova Automation Co Ltd Client Construction
SoftBank Group Corp Parent Company Communications owns Brightstar Corp Client Communications
SS&C Technologies Holdings Inc Parent Company Communications owns SS&C Technologies Inc Client Communications
Standard Industries Inc Parent Company Construction owns Building Materials Corp Client Construction
Tereos Union de Cooperatives Parent Company Agriculture and Forestry owns Guarani SA Client Agriculture and Forestry
The Carlyle Group Inc Parent Company Construction owns Jfk Intl Airport Terminal One Client Construction
The Carlyle Group LP Parent Company Agriculture and Forestry owns Arctic Glacier Inc Client Agriculture and Forestry
The Nunes Co Inc Parent Company Agriculture and Forestry owns Taylor Fresh Foods Inc Client Agriculture and Forestry
There Holding BV Parent Company Communications owns Here Global Bv Client Communications
TIL Ltd Parent Company Construction owns Tractors India Pvt Ltd Client Construction
Total SA Parent Company Communications owns SunPower Corp Client Communications
TPG Capital LP Parent Company Communications owns McAfee LLC Client Communications
Trac Intermodal Corp Parent Company Construction owns Interpool Inc Client Construction
Utz Brands Inc Parent Company Agriculture and Forestry owns Utz Quality Foods LLC Client Agriculture and Forestry
Vista Eq Partners Mgmt LLC Parent Company Communications owns Marketo Inc Client Communications
Vista Eq Partners Mgmt LLC Parent Company Communications owns Misys PLC Client Communications
Voith GmbH Parent Company Agriculture and Forestry owns Voith Paper China Co Ltd Client Agriculture and Forestry
Votorantim SA Parent Company Construction owns Votorantim Cimentos SA Client Construction
WH Group Ltd Parent Company Agriculture and Forestry owns Smithfield Foods Inc Client Agriculture and Forestry
Woodbridge Co Ltd Parent Company Communications owns Refinitiv Client Communications
Zayo Group Holdings Inc Parent Company Communications owns Zayo Group LLC Client Communications
Zuivelcooperatie Parent Company Agriculture and Forestry owns FrieslandCampina Investments Client Agriculture and Forestry

Contact Information

Citibank, N.A. 
Barbara Kobelt 
Vice President 
+1 212 816 1063 
Barbara.kobelt@citi.com 
388 Greenwich Street, 25th Floor, New York, NY 10013 
www.citi.com 

 

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