24 Jan '11, 4pm

US to sell final Citigroup holding

US to sell final Citigroup holding

WASHINGTON: The US government plans to sell its last holding in rescued banking giant Citigroup, the Treasury Department said on Monday. The Treasury said it would hold a one-day public auction on Tuesday of its remaining 465 million warrants in the bank. "The proceeds of this sale will provide an additional return to the American taxpayer from Treasury's investment in the company beyond the dividend payments it received on the related preferred stock and the profit received from the sale of shares of common stock and trust preferred securities," the department said in a statement. Treasury received the warrants, which give the right to buy underlying securities, as part of its $45 billion rescue of Citigroup to help it weather the 2008 financial crisis. The government says it has not only recovered its initial investment in Citi, once the world's largest bank, but an addi...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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