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Citigroup Inc. said in a letter sent Tuesday to lawmakers that a loan made to Kushner Cos. shortly after the bank’s chief executive met with Jared Kushner last year was “completely appropriate.”
Kushner Cos. also disclosed Wednesday that it had recently received a separate $200 million loan from the bank. The bank has faced questions about its dealings with Kushner Cos. following a White House meeting between its chief executive and Kushner.
On March 3, 2017, Citi Chief Executive Michael Corbat met with Kushner, President Donald Trump’s son-in-law and a senior adviser to the president. On March 31 of that year, Kushner Cos., which is controlled by members of Kushner’s family, and two partner firms closed on a $325 million mortgage for a Brooklyn property with Citigroup C, +0.55% , according to the bank.
Sen. Elizabeth Warren, D-Mass., and other lawmakers requested more information about the meeting from the bank after it was reported on by The New York Times last month. Responding to that request, Citigroup’s letter said “the Kushner family has been a client of Citi for decades.” It added the bank started exploring the March loan in late 2016 before Corbat and Kushner met.
An expanded version of this report appears on WSJ.com.
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