Citibank 2006 Annual Report Download - page 13

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Millie Kim and Brad Coleman in New York
In the end, Citi brought to bear expertise from
across its banking, trading, and investing
franchises to help Cerberus acquire a 51 percent
stake in GMAC. What’s more, Citi’s GMAC story
became the “Deal of the Year” for Euromoney and
Investment Dealers’ Digest.
Millie: “GMAC is one of the reasons why I love
working at Citi. I just can’t imagine this kind of
deal happening someplace else.”
Concluded Lenard Tessler, Managing Director
and Co-head of Private Equity at Cerberus:
“When Citi was given the opportunity to say
‘No’ to this deal, it never chose that path. Citi
decided it was more important to be there for its
long-time client, GM. And that was the right
thing to do.”