Citigroup looks to repay part of bailout
By Glenn Somerville |
December 8, 2009, Tuesday
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Print Edition
Print Edition
CITIGROUP Inc is trying to persuade the United States government to allow it to repay US$20 billion in taxpayer funds before a window to launch a share sale effectively shuts by the middle of next week, the Financial Times reported on Sunday.
Citigroup has until December 14 or December 15 to start a capital-raising effort, after which the bank would have to likely wait until late January, after it reports quarterly results, the paper said, citing unnamed sources.
The report said the short window for a decision on the repayment of funds raises the stakes for the bank in its quest to free itself from the shackles of the US government.
A US Treasury Department official on Sunday night wouldn't confirm any specific discussions with Citigroup but noted that other banks have stepped forward since Bank of America's announcement last week that it was paying back US$45 billion in bailout money it got from the government's Troubled Asset Relief Program.
The government owns a 34 percent stake in Citigroup, according to the report.
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