Citi and Apollo said that they "expect strong client demand and maintain the flexibility to significantly expand the size of the program beyond the initial $25 billion."

Citigroup and Apollo Global have partnered for a $25 billion private credit and direct lending program, illustrating a growing alliance between banks and non-banks looking for a slice of the lucrative $2 trillion market.

Citigroup and Apollo Global Management are teaming up in the fast-growing private credit market, agreeing to work together on $25 billion worth of deals over the next five years. The two Wall Street heavyweights have struck an exclusive partnership to arrange financings for corporate and private equity clients,

US lender looks to win back business from asset managers that have targeted traditional banks’ most lucrative clients

Citigroup Inc. C and Apollo Global Management Inc. APO have inked a deal for a subsidiary of Citigroup and certain affiliates of Apollo to establish a revolutionary $25-billion private credit, direct lending program.