Hello, Boston

Carmen Monks, Managing Director, Citi Private Bank
Jim Nolan, Managing Director, Institutional Clients Group - Securities and Fund Services
Peter Smith, Director, Citi Commercial Bank

The City Profiles series is dedicated to highlighting Citi's history in some of our key markets around the world. We spoke to three Boston-based leaders to get their perspectives on Citi's ongoing involvement with the city.

What is your favorite milestone from Citi's history in Boston, and how do we continue to enable progress in the city today?

Jim: In 2000, we served as sole manager on an offering of taxable project revenue bonds and developed a preliminary financing plan for Gillette Stadium, home of the New England Patriots.

As a result, we like to think Citi played a role in laying the foundation for some great accomplishments by the Patriots – five National Football League Super Bowl championships, including our most recent victory against the Atlanta Falcons! Similar to the strong performance of the New England Patriots over the years, Citi is committed to excellence and continues to build momentum in our effort to provide a range of banking and investment services to institutional investment managers and corporate clients in Boston.

Carmen: Boston is definitely a sports town, so I have another sports-related milestone. In 2002, Citi supported the current ownership group (Banner 17) on the purchase of the Boston Celtics and supplied more than $30 million of financing for that acquisition. The $360 million purchase price was at that time a record price in the sale of a basketball franchise. That franchise is now valued at more than $1 billion.

We continue helping our clients achieve their ambitions. Citi Private Bank has been in Boston for nearly 40 years, specializing in providing investment and wealth management advice to our clients.

Peter: My favorite milestone is more recent. In 2015, we provided capital to the New England Center and Home for Veterans to expand its housing options for homeless and at-risk veterans and to help improve its existing permanent housing and program space. I'm so pleased that we can help serve the men and women who've served our country.

What are some of the key opportunities facing clients and customers in your market?

Jim: For the past two years, Citi has supported a study conducted by the Boston University Initiative on Cities called the Menino Survey of Mayors, named in honor of our late Mayor Tom Menino, who was widely regarded as a visionary leader. The surveys highlight challenges facing cities, ranging from infrastructure and the need for affordable housing to growing inequality. The findings underscore the many challenges facing cities, and Citi plays a role in supporting their growth.

For example, in 2010 we helped address the aging infrastructure in Boston as lead coordinating banker for the Massachusetts Department of Transportation's issuance of nearly $2 billion of bonds to restructure debt and provide an increase in capital expenditures for critically-needed improvements to the Metropolitan Highway System.

Peter: Because the global economy presents so many opportunities for our clients, and our central mission is to enable progress, it's always gratifying to help our clients embrace new opportunities around the world. For example, we're a key partner to Boston Scientific in several countries, helping them with credit facilities, transaction banking, foreign exchange and advisory services as well as commercial cards worldwide.

Carmen: There are also numerous opportunities for the many law firms based here. Boston Legal is not just a TV series featuring James Spader and William Shatner! It's an important client group for us. The Citi Private Bank Law Firm Group counts among its clients many of the city's biggest law firms, offering customized financial strategies for the firms and their lawyers.

In working on the City Profiles project, did you learn anything surprising about the history of Boston and Citi's involvement there?

Carmen: I was pleased to learn that our history of supporting affordable housing in Boston started more than 40 years ago. In 1975, we partnered with Harvard University to form the Mission Park Corporation to develop low- and middle-income housing units in the Roxbury section of the city.

Our long history of helping meet the challenge of affordable housing has continued over the decades. In 2014, we provided a $40 million construction and permanent loan for Mandela Homes, a 276-unit housing project preserved as affordable, including newly renovated apartments and community space.

Jim: Boston is home to world-renowned medical institutions, and Citi has long been a supporter of the local health services community. In 1980, we provided $80 million in financing for the Affiliated Hospitals in Boston.

Peter: Citi recognized that Boston was a center for finance as early as 1975 when we established our headquarters in Boston for corporate lending activities in New England.

Looking forward, what are you most excited about for Citi's future in Boston?

Jim: In 2014, Citi Foundation chose Boston as one of 10 cities to launch our Pathways to Progress initiative. This program provides young people the opportunity to develop workplace skills and leadership experience, and I'm sure this investment will bear fruit for the city in terms of those young people contributing to the economy and becoming leaders in our city.

Carmen: I'm proud of Citi's commitment to Boston's communities, especially through our support for affordable housing, and I'm looking forward to seeing that continue. Just last year, we provided $153 million in debt for upgrades to 837 affordable housing units at five properties in Cambridge. These kinds of investments will benefit Boston for generations to come.

Peter: I'm looking forward to helping this city extend its economic influence. We have almost 800,000 consumer and business accounts here, and we serve 11 of the Fortune 500 clients headquartered here. Moreover, we've made $70 million in loans to some 13,400 small businesses. I'm proud that Citi supports businesses, large, medium and small, in the Greater Boston area and makes a positive contribution to making and keeping Boston the great city it is and has been since its founding in the colonial era.

Please visit the full Boston Profile for more information.