Citigroup inks US Olympic sponsorship deal

11 March 2011

American financial giant Citigroup has signed a new sponsorship agreement with the US Olympic Committee, as the bank continues to rehabilitate its public image following the crisis of three years ago.

Exact details of the deal have not been publicised, but the Associated Press speculated that banking support often amounts to between $10 million and $15 million. Citigroup ads will appear on NBC during its coverage of next year's Olympic Games in London.

"Having an opportunity to sponsor a key event that's important to the US, we think it's an important part of what we need to be doing," chief executive Vikram Pandit told the news provider.

Mr Pandit added that the arrangement was Citi's way of "saying thanks to the American people" for their patience with the firm - which received a government bailout of $45 billion in 2008 - over the last few years.

Earlier this week, Reuters reported that Citi may consider retaining a stake in its CitiFinancial arm in order to encourage potential buyers into purchasing the division.

By Asim Shah

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