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FILE PHOTO: The Citigroup Inc logo (Citi) is on display at the SIBOS Banking and Financial Conference in Toronto, Ontario, Canada on October 19, 2017. REUTERS / Chris Helgren
SYDNEY (Reuters) – Citigroup will reimburse Australian retail clients for more than $ 3 million in losses from complex investments sold by the bank, the country's watchdog said on Monday.
The Australian Securities and Investments Commission said Citi would repay 114 customers who had invested in complex fixed income products between 2013 and 2017 and lost money.
The bank also agreed to give customers with remaining investments in products an opportunity to go out "free of charge," the regulator said in a statement.
A Citi spokesperson, who also defends a lawsuit filed by the regulator for a capital increase in 2015, did not immediately return a request for comment.
Reportage of Paulina Duran; Edited by Chris Gallagher
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