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Citibank reopens offer to its Lehman noteholders

After financial regulator PSzÁF closed the targeted investigation against Citibank with positive results for the bank, Citibank reopens the settlement offer to its customers still holding Lehman notes, economic daily Napi Gazdaság reported. This spring Citibank made a settlement offer as a goodwill gesture to all its affected customers to transfer their notes in exchange of an immediate cash payment of 55% of the initial face value of the notes. Approximately 90% of the impacted noteholders have accepted this offer until the expiration of the offer period, end of May 2010. Condition for actual cash payment in exchange for the notes continues to be that the plaintiff discontinues any ongoing litigation against the bank; other conditions of the current settlement also remain unchanged.

Years ago, Citibank sold more than HUF 6 billion worth of notes issued by the Lehman Brothers group – that went bankrupt in the fall of 2008 – mainly to private banking customers. (BBJ)