is going after Spanish shareholders for its funds by offering cash rebates, reports the financial daily Expansion
. The bank is making the offer to investors who move transfer money between mutual funds.
The program pays a 300 Euro rebate to shareholders who transfer between 20,000 Euros and 50,000 Euros to a Citi fund. The rebate jumps to 600 Euros for shareholders moving more than 50,000 Euros to a Citi fund.
The bank is hoping to capitalize on a change in Spanish income tax law that allows fund shareholders to put off capital gains if the reinvest proceeds from one mutual fund into another fund. The new law took effect January 1.
The publication predicts that other fund firms in Spain will offer similar programs.
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