DECEMBERASIA BUSINESS OUTLOOK9NEWSROOMSTELLANTIS BUYS BACK 50 MILLION SHARES FROM ITS CHINESE PARTNERCITIGROUP APPOINTS NEW EXECUTIVES AS PART OF ITS RESTRUCTURING EFFORTSStellantis, the parent company of Chrysler, announced on Nov 22 that it had repurchased 50 million common shares from Dongfeng Motor (Hong Kong) International for approximately 934 million euros ($1.02 billion). Stellantis, which has a joint venture with Dongfeng Motor in China, has stated that it intends to cancel these shares and that the transaction with Dongfeng will have no effect on its 1.5 billion euro open-market repurchase programme.The programme, which was announced on February 22nd, is expected to be completed by the end of 2023. Dongfeng, a Chinese automaker, would keep 49.2 million common shares, or 1.58 percent of Stellantis' post-cancellation share capital.Stellantis N.V. is a multinational automotive manufacturing corporation formed by the merger of Fiat Chrysler Automobiles (FCA) and the PSA Group of France. The company is based in Amsterdam. Stellantis was the fourth-largest automaker by sales in 2022, trailing Toyota, Volkswagen Group, and Hyundai Motor Group.Stellantis paid 1.5 billion for "approximately 20 percent" of Chinese electric vehicle manufacturer Leapmotor on October 26, 2023. Stellantis received exclusive rights to sell, export, and manufacture Leapmotor products outside of China under the newly formed joint venture Leapmotor International. Citigroup has announced new appointments in the Asia Pacific region as part of a global reorganization of the U.S. company. According to a source with direct knowledge, the bank announced on Nov 19.According to an unnamed source, Jan Metzger, Citi's Capital Markets and Advisory Head for Asia, will be leading the investment bank for the Asia North Australia and Asia South Cluster. The source declined to be named as the bank had not yet made the information public.Kaleem Rizvi, former head of corporate banking in Asia, has been selected to lead the corporate banking division for Asia North and Australia. K Balasubramanian has also been appointed as the head of corporate banking for Asia South. According to the source, Gunjan Kalra will remain in charge of Citi's commercial banking operations for Asia North and Australia, as well as Asia South.Citi announced Nov 19 that it plans to cut management layers from 13 to eight as part of its biggest overhaul in decades. In the top two layers of leadership, Citi reduced 15 percent of functional roles and eliminated 60 committees, it said in a third-quarter earnings presentation. DECEMBERASIA BUSINESS OUTLOOK9
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