Citi Pays $41M to Sponsor NYC Bike-Sharing Program

By: Henry Goldman via Bloomberg BusinessWeek

Citigroup Inc. (C) (C) agreed to pay $41 million to sponsor New York City’s bicycle-rental program, which Mayor Michael Bloomberg said will be the largest such system in the U.S. when it begins in July.

The “Citi Bike” program, presented by the mayor and Citigroup Chief Executive Officer Vikram Pandit at City Hall today, will offer 10,000 bikes branded with the New York-based bank’s logo at 600 docking stations in Manhattan and Brooklyn.

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