Citibank 2006 Annual Report Download - page 12

GMAC had long been a core component of
GM and its health was vital to the company.
Recognizing the complexity and urgency
of the situation, Citi teamed with Cerberus
Capital Management to help solve GM’s
dilemma.
The multi-billion-dollar GMAC deal brought
together the expertise and resources of two of
our major business lines—Markets and Bank-
ing and the Citi Private Equity Group of Citi
Alternative Investments (CAI)—on behalf of
one of our most valued and long-term clients,
General Motors.
“In my 18 years here, this was one of the
most exciting and complicated deals I’ve ever
worked on,” said Brad Coleman, Co-head,
North American Financial Entrepreneurs
Group for our Markets and Banking business.
“And it played right into the strengths of
Citi’s equity, fi xed income, and investment
banking franchise.”
A team of people from Citi’s various busi-
nesses worked on the deal, bringing to the
table our unmatched access to the capital
markets, our unique institutional knowledge
of GM, plus our ability to provide across-the-
board solutions from M&A to fi nancing.
“GMAC was a truly collaborative effort, in
every sense of that word,” said Millie Kim,
General Counsel for CAI. To which John
Barber, Managing Partner of CAI’s Citigroup
Private Equity, added: “We provided the
whole range of answers to this transaction,
answers that played to Citi’s unique
strengths.”
David Head, Managing Director and Co-head,
Financial Institutions M&A, put it this way:
“We just threw everything the company had
at this. And it ultimately proved to be one of
our greatest moments.”
one great relationship
It was the kind of deal that highlights the power of one Citi. Last year, faced
with a rapidly deteriorating credit rating, General Motors decided to sell a
majority of its fi nancing arm, General Motors Acceptance Corporation.