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Citigroup signs information sharing, engagement agreement with ValueAct

Citigroup Inc. entered into an information sharing and engagement agreement with activist investor ValueAct Capital Management LP, allowing for a "deeper level of engagement and collaboration" between the two.

The agreement, which lasts through December, will give ValueAct more insight into the bank's strategy, governance and operations and provides for ValueAct's support for Citigroup's management and board through the term of the agreement.

ValueAct is not pursuing a board seat at Citigroup as it holds a board seat at Citigroup's competitor, Alliance Data Systems Corp. However, ValueAct is likely to propose a candidate for a board seat if the situation changes, according to the news release.

ValueAct currently owns about 32 million of Citigroup's issued and outstanding common shares and is one of its largest shareholders, according to the news release.