Under the hood of Citi’s $25 billion Apollo tie-up

Citi’s US $25 billion direct lending programme with Apollo has turned heads for its size and scope. It’s a major part of Citi’s new push to grow ancillary earnings such as cash management, in an era when regulators are curtailing banks’ ability to deploy risk in areas like leveraged finance. As big banks everywhere seek new ways to work with private credit, Euromoney reveals how this landmark tie-up will work in practice.