Treasury to sell 1.5 billion shares of Citigroup stock to begin immediately.

by Zagros on October 19, 2020

Summary Box: Treasury to sell Citigroup shares

Associated Press, The    ”AP Financial News ”
CITIGROUP SALES:  The Treasury Department  on Tuesday authorized the sale of an additional 1.5 billion shares of  Citigroup  stock to begin immediately.

FOURTH ROUND: The sales are the fourth round of sales as the government attempts to recoup the  $45 billion  it spent to rescue  Citigroup  during the financial crisis.

CURRENT OWNERSHIP: The stock was obtained when the government converted  $25 billion  of its support into common shares. It originally owned 27 percent of  Citigroup  but that ownership will be down to 7 percent at the end of the current round of sales.

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