Filed by Citigroup Inc.
Pursuant to Rule 425 under the
Securities Act of 1933 in respect of
Associates First Capital Corporation
Commission File No. 2-44197
In connection with the proposed transaction, Citigroup will file a registration
statement on Form S-4 with the Securities and Exchange Commission. Investors and
security holders are advised to read the registration statement when it becomes
available because it will contain important information. Investors and security
holders may obtain a free copy of the registration statement (when available)
and other documents filed by Citigroup with the SEC at the SEC's web site at
http://www.sec.gov. Free copies of the registration statement (when available)
and other documents filed by Citigroup with the SEC may also be obtained from
Citigroup by directing a request to Citigroup Inc., 153 East 53rd Street, New
York NY 10043, Attention: Treasurer (212-559-1000).
Sanford I. Weill, Chairman and Chief Executive Officer of Citigroup, and Todd S.
Thomson, Chief Financial Officer of Citigroup, spoke on September 13, 2000 at
the Merrill Lynch Banking & Financial Services Conference. Excerpts from the
slide presentation relating to the Citigroup/Associates transaction follow.
CITI IS THE LARGEST GLOBAL CARDS ISSUER
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Managed Receivables ($ in Billions)
Global Cards (pro forma including results for Associates card business)
31% income growth
$105 billion in managed receivables
75 million accounts
2.5 million accounts on-line
[table depicting managed receivables of Citibank N.A., Citibank International
and Associates]
1994 - $49.0 billion
1995 - $57.2 billion
1996 - $62.2 billion
1997 - $66.0 billion
1998 - $89.1 billion
1999 - $97.4 billion
2Q00 - $105.0 billion
CITIFINANCIAL - SIZE, EFFICIENCY, PERFORMANCE
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Net Receivables
[graph]
CAGR 24%
1995 - $6.3 billion
2Q00 - $16.7 billion
($51 billion including Associates)
Branches
[graph]
CAGR 8%
1995 - 848
2Q00 - 1,212
(over 2000 including associates)
Operating Expense as a % of Net Receivables
[graph]
1995 - 4.71%
2Q00 - 4.50%
Net Charge-offs/Receivables
[graph]
1995 - 2.52%
2Q00 - 1.93%
CONSUMER FINANCE
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Productivity Enhancements
Revenue per Branch
[graph]
Associates U.S. - $442,000
CitiFinancial - $1,100,000
Expense Ratio
[graph]
Associates U.S. - 5.5%
CitiFinancial - 4.3%
CAPTURING INTERNATIONAL GROWTH
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Associates International Consumer Finance
($ in Millions)
Managed Receivables
[graph]
3-Year CAGR 65%
1997 - $4,278 million
1998 - $8,462 million
1999 - $13,971 million
LTM 6/30/00 - $14,959 million
Pre-Tax Earnings
[graph]
3-Year CAGR 46%
1997 - $335 million
1998 - $474 million
1999 - $740 million
LTM 6/30/00 - $859 million
GROWTH BUSINESSES IN GROWTH MARKETS
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Year-to-Date Core Income
Wealth Management - $1.7 billion (increase of 32%)
Capital Markets - $1.1 billion (increase of 34%)
Global Consumer Finance - $0.8 billion (increase of 18%)
(pro forma including year-to-date results for Associates)
Global Cards - $1.0 billion (increase of 31%)
(pro forma including year-to-date results for Associates)
Emerging Markets - $1.2 billion (increase of 36%)
(pro forma including year-to-date results for Associates)
