Citigroup Inc is close to a secret agreement with one of its main regulators that will increase scrutiny for the bank, the Financial Times reported in its Thursday edition.

Citing people close to the situation, the paper said the deal had been discussed in recent weeks amid increased pressure on Citi from the Federal Deposit Insurance Corporation and could be finalized soon.

The agreement was said to require Citi to strengthen its board and governance, improve its asset quality, better manage expenses and provide more information on capital and liquidity.

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