STOCK ROUT
Citigroup backs key Deutsche Bank Qatari shareholder
London — Citigroup jumped in as a financier for a key Deutsche Bank shareholder after Bank of America dropped out to pare potential risks linked to the German lender’s stock rout, people with knowledge of the matter say. Citigroup would finance a few hundred million euros for former Qatari prime minister Sheikh Hamad bin Jassim Al Thani’s margin loan after the value of his Deutsche Bank holding shrank, the people said, asking not to be named. The rout in Deutsche Bank shares in recent weeks triggered a so-called "termination event" for the lender who had provided credit, backed by the stake, the people said. While lenders frequently restructure loans to back clients during a market slump, Bank of America had opted to withdraw because of the perceived risk involved and their own lower appetite for losses, they said. Representatives for Citigroup and Bank of America declined to comment, while spokesmen for Al Thani did not respond. The financing from Citigroup for Al Thani is for part...
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