Citi CEO predicts that bank will reach 10 percent CET1 by end of 2013

Major financial services firm Citigroup recently reported its financial results for the first fiscal quarter of 2013 and chief executive officer CEO 786 423299 0 14081964 300 Citi CEO predicts that bank will reach 10 percent CET1 by end of 2013

Major financial services firm Citigroup recently reported its financial results for the first fiscal quarter of 2013, and chief executive officer (CEO) Michael Corbat predicted that the company would reach a common equity tier 1 (CET1) ratio of 10 percent by the end of 2013, according to a statement. 

Citigroup stated that at the time the financial figures were released, it had generated a CET1 ratio of 9.3 percent in its efforts to comply with the Basel III regulatory regime. 

Banks based in the U.S. are readying themselves to comply with these capital requirements, which have not yet been finalized by the nation's regulators. The government agencies in charge of the country's Basel III interpretation had previously set an adoption date of January 1, 2013, but called off this timeline near the end of 2012. Since then, these entities have yet to establish a new timeline for implementing the regulatory regime. 

"Our capital strength again improved during the quarter with the Tier 1 Common Ratio increasing to an estimated 9.3 [percent] on a Basel III basis," Corbat said during a conference call with investors. "It is critical that Citi be viewed as an indisputably strong and stable institution and we made progress towards that goal." 

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