Citigroup: A $1.23 billion syndicated corporate loan was purchased

Citigroup: A $1.23 billion syndicated corporate loan was purchased in part by three Black-owned

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US banks, an unusual step in a market generally dominated by larger Wall Street and local

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institutions. Science Applications International Corp. is a provider of IT and other services, primarily to

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the government. Industrial Bank, First Independence Bank, and Mechanics and Farmers Bank have joined

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the group of lenders to Science Applications International Corp. According to a June 30 filing,

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they each agreed to lend around $10.5 million, or little under 1% of the total. In order to connect

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minority-owned banks with business prospects that might otherwise be too big for them, Citigroup Inc.

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requested their help. The transaction amounts are unusually significant when compared to their total

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assets, even though their contributions to the loan make just a small part of the overall amount,

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according to statistics from the Federal Deposit Insurance Corporation. Following demonstrations against

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the police shooting murder of George Floyd, prominent banks committed to do more to combat racial

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companies, which serve populations that may be underserved by other institutions, have received an

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estimated $300 million in equity pledges from Citigroup and its competitors.

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