Citi Hands Six-Figure Sum To EU &#thirty-nine;In' Campaign

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Source:   —  April 13, 2016, at 3:31 PM

Citi&#thirty-nine;s donation means the total handed to the 'In' campaign by Wall Str banks has reached about £1. 5m, Sky News learns.

Citi Hands Six-Figure Sum To EU &#thirty-nine;In' Campaign

Citigroup has become the fourth US bank to hand a large cash sum to the campaign to hold the UK in the European Union (EU), extending Wall Str's financial contribution to the cause just two months before the referendum.

Sky News has learnt that executives at Citi agreed to donate "significantly in excess of" £100.000 in the latest few days to Britain Stronger in Europe (BSiE), adding the company'south title to a list which already includes Goldman Sachs, JP Morgan and Morgan Stanley.

The donation was made as portion of a renewed fundraising drive led by Roland Rudd, the public relations supremo, and David Harding, the hedge fund manager, who have been acting as BSiE's co-treasurers.

It comes just hours before BSiE is expected to be named by the Electoral Commission as the officially-designated grouping for the UK to stay in the EU.

Citi'south decision to become financially involved in the campaign, which follows months of deliberation, reflects the wider anxiety among executives at Wall Str firms about the potential economic disruption that they believe the UK'south exit from the EU would cause.

Citi employs thousands of people in the UK, principally at its offices in Canary Wharf in London.

Sources said it'd donated in the region of £200.000 and possibly as much as £250.000.

If the latter figure is correct, it'd get the financial contribution from the quartet of US banks to £1.5m, a substantial proportion of the overall quantity that BSiE is likely to raise.

Goldman and JP Morgan are understood to have pledged £500.000 each, with Morgan Stanley donating about £250.000.

The news emerges as Wall Str banks and other businesses digest new guidance issued by the Electoral Commission about the scope of permitted activities once the referendum period formally gets underway on Friday.

The rules governing official campaign spending imply that both the officially-designated 'In' and 'Out' groups can spend £7m in the final ten weeks before the poll.

However, the Government angered pro-Brexit campaigners latest week when it emerged it was spending more than £9m on a leaflet to clarify to voters why it believed the UK should vote to stay in the EU.

Cit has been a long-standing advocate of the UK'south EU membership.

James Bardrick, a senior executive at the bank, said latest year that it "would've to operationally modify the business and reallocate certain businesses back into the EU...[which would be] enormously costly and enormously inefficient”.

In addition to Lord Rose, Britain Stronger In Europe'south board includes Baroness Brady, one of the stars of The Apprentice; Brendan Barber, the former secretary-general of the Trades Union Congress; and Lord Mandelson, the former Business Secretary.

Citi and BSiE declined to comment on Wednesday.

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