Citigroup repays $ 20 billion to US

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Citigroup repays USD 20bn to US
New York, Dec 24: Citigroup Inc, which received USD 45 billion under the US Troubled Asset Relief Program in three separate bailouts during 2008 and 2009, has repaid USD 20 billion.

This move comes as the bank works to reduce government involvement in its compensation practices.

The taxpayers still own common stock in the bank that is now worth about USD 25.2 billion.

The bank sold USD 17 billion in common shares and USD 3.5 billion in convertible notes to raise the capital required to repay the government.

OneIndia News

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