Citigroup allowed to make future interest payments on Argentine bonds

By Kali Hays

New York, March 23 – Citigroup, Inc.’s Argentine branch will be able to make interest payments on $2.3 billion of bonds due at March 31 and also June 30 with an order given by the Southern District Court of New York on Friday, according to a company statement.

In addition, the order will allow Citigroup to “execute its exit from the Argentine custody business,” which the company said will be “completed in compliance with governing laws and regulations.”

"The custody business accounts for approximately 2% of Citi Argentina's net income and, by its very nature, is largely unconnected to the rest of Citi Argentina's banking activities,” Citigroup said in the statement.

Citigroup is a financial services holding company based in New York.

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