Cleary and Sullivan scoop $19bn Citi equity offering

February 2, 2008 Cleary Gottlieb Steen & Hamilton and Sullivan & Cromwell scooped lead roles on the $19bn Citigroup equity offering. The transaction is the latest investment bank equity offering to see sovereign and domestic wealth funds invest into banks since market volatility hit global banks' profits worldwide in recent months. Sullivan & Cromwell, led by Rodgin Cohen also advised Citi on the transaction which saw sovereign funds, Government of Singapore Investment Corporation, the Kuwait Investment Authority and Prince Alwaleed bin Talal bin Abdulaziz Alsaud invest in a $12.5 placement of the $19bn offering.

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