Tomahawk, WI 07/03/2014 (Basicsmedia) – Citi Awarded By SRP
Citigroup, Inc. (NYSE:C) was awarded for its innovation and accomplishments the controlled products marketplace in six different categories the last week. The bank was recognized at the 3rd Annual North American Structured Retail Products (SRP) gala, which was organized on June 26. The award ceremony was the part of North American Structured Product Conference which was held in Boston.
The six different departments in which the group won the awards include Best in Client Service, Best for Price Competitiveness, Best For Understanding Client Needs in North America, Best Structured Fund Sales in Brazil, Best After Sales Service and Best for Innovation and Structuring Capability. The award distribution was set on the criteria of the collective responses to the survey held by SRP regarding structured products distributors and overall product performance. The annual award acknowledges the best amongst the lot of providers and distributors in the Americas Structured Products market.
Citi Acquires US Power Trading Books Of Deutsche Bank
Citigroup has purchased the US power trading books by Deutsche Bank AG (NYSE:DB), one of its big deal. The most recent move has been taken by the US bank in order to strengthen its energy trading industry. As per the source news, two power trading books were sold by Deutsche bank the last week to the US bank, which covered the ERCOT province in Texas and the East and the Midcontinent.
The German bank which once stood amongst the top five financial companies in commodity trading revealed in December the fact it would be soon ceasing its trading limits. The trading dimensions included agriculture, coal and iron ore, base metals and energy. It also added the trading would be retained only for precious metals and a restricted number of fiscal derived traders. The bank had to take this step due to reduced returns and reinforced regulations.
The acquisition is considered as the part of the above decision.