Treasury Planning Citigroup Stake Sale: Report

Thursday, 25 Mar 2010 07:16 AM

 

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The U.S. Treasury could unveil a preset trading plan next month for the sale of its 27 percent stake in Citigroup Inc., Bloomberg said on Thursday, citing people with direct knowledge of the matter.

The Treasury plan will lock the government into a schedule for selling its shares with the aim of eliminating any concerns that the sales are based on non-public information, Bloomberg said.

The Treasury would issue instructions on how many shares to sell and at what price, it said.

Citigroup has posted more than $100 billion of writedowns and credit losses since late 2007 and the bank's shares have lost 90 percent of their value since late 2006, with the bank requiring three different government rescues in 2008 and 2009.

The U.S. Treasury and Citigroup could not be immediately reached for comment by Reuters outside regular U.S. business hours.

© 2014 Thomson/Reuters. All rights reserved.

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