Citi Looks Forward to Continuing to Serve Texas
By Ed Skyler, Head of Global Public Affairs, Citi June 23, 2021 03:30 PM
Citi and the State of Texas have a deep relationship that dates back to the 1870s and the financing of the Great Northern Railroad of Texas and the New York & Texas Land Company, which served to expand settlement and commerce to the State. We opened our first office in Texas in 1919 in Dallas, and today we have more than 8,500 employees who call Texas home.
We serve some of the biggest companies and largest employers in Texas and also have two million credit card accounts in the State. But one of the most impactful ways we touch Texas is by the services we provide the government that serves its residents -- from the State level to large transportation authorities to local school districts.
Citi is proud to be the leading municipal bond underwriter across the State of Texas for the past three years, financing $16.5 billion of bonds from 2018 to 2020 and serving as lead manager on some of the State's most notable transactions. Our work has supported the funding of critical infrastructure throughout Texas including school districts, cities, counties, healthcare facilities, water authorities, power systems, transportation and higher education. Citi is committed to continuing to serve Texas state and local issuers and looks forward to helping expand the State's infrastructure.
Since 2013, Citi has deployed over $2.2 billion in capital to preserve or create over 18,700 units of affordable housing across Texas. In 2020 alone, Citi committed over $500 million to 20 affordable housing projects supporting over 3,600 fully affordable units across the State of Texas. In partnership with the City of Houston and Harris County, Citi was instrumental in Hurricane Harvey relief efforts, deploying over $200 million to finance 12 properties and almost 2,000 units of new and rehabilitated units of affordable housing across the Houston region.
Recently, the Texas government adopted a law that will prohibit governmental entities from contracting with companies that discriminate against firearm entities. The law defines such discrimination as refusing “to engage in the trade of any goods or services with the entity or association based solely on its status as a firearm entity or firearm trade association.”
Citi committed in March 2018 to promote responsible firearms sales practices to keep guns out of the hands of people who commit crimes, and integrated that commitment into our Environmental and Social Risk Management Policy. We have determined that the legislation doesn't prevent us from serving our clients in Texas, as our policy does not restrict us from working with retailers because they sell firearms. It simply requires our clients to use best practices when selling firearms. We have continued to serve retail sector clients that sell firearms, including those in Texas, who use these responsible practices.
We are proud of our history of enabling growth and economic progress and the work we do to support clients in Texas.