Citibank's decision for a settlement of the Lehman case.
Athens, May 26, 2010.
Following the principle of customer satisfaction, Citibank proceeds to an unusual and significant good will gesture towards the customers who were affected by the unprecedented and unforeseeable collapse of Lehman Brothers.
Citibank offers to the customers 70% of the nominal value of their Lehman Brothers Notes, which they purchased from its Branches.
The Bank concluded the specific offer as a good will gesture, and as a means of softening the inconvenience the unexpected collapse of Lehman has caused Citibank’s customers, despite the fact that Citibank has no liability and no legal obligation to do so. Moreover, the distribution of Lehman Brothers Notes by Citibank in the Greek market abided by the conditions that are demanded by the Greek and the European legislation and followed the respective processes, while it also had, where necessary, the approval of the competent supervisory authorities.
Citi’s extremely unusual and significant decision reaffirms Citibank’s commitment to the Greek market, where it has been operating for more than 46 years.