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Citi Invests in Minority Depository Institutions in Racial Equity Initiative

Paul, Weiss is advising Citi and the Citi Foundation on their goal to expand banking and access to credit in communities of color, as part of Citi’s $1 billion Action for Racial Equity initiative. The initiative, announced in September 2020, aims to help close the racial wealth gap and increase economic mobility in the U.S. by increasing investment in Black-owned businesses; expanding homeownership among Black Americans; and advancing anti-racist practices in the financial services industry.

As part of Citi’s $100 million goal to support the sustainable growth and revenue generation of Minority Depository Institutions (MDIs), a Paul, Weiss team helped Citi allocate nearly $50 million in growth capital to MDIs. To date, Paul, Weiss has helped Citi make equity investments in MDIs including Broadway Financial Corporation, Citizens Trust Bank, Mechanics & Farmers Bank, OneUnited Bank, Optus Bank and Unity National Bank of Houston, which will strengthen their ability to serve racially diverse households and entrepreneurs.

The Paul, Weiss team includes corporate partner Ariel Deckelbaum and counsel Rosita Lee

» read the update
» read more about Citi’s action for racial equality

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