U.S. government to fully exit from Citigroup
12:30, 30 March 2010
WASHINGTON. March 30. KAZINFORM The U.S. government will exit fully from the banking giant Citigroup over the course of 2010, the Treasury Department announced on Monday; Kazinform refers to Xinhua.
The department said it intends "to fully dispose of its approximately 7.7 billion shares of Citigroup, Inc. common stock over the course of 2010 subject to market conditions." The sale would be one of the largest stock sell-offs in history.
The U.S. government owns around a third of the company. At current market value, those shares are worth around 33 billion U.S. dollars.
The U.S. Treasury received Citigroup's shares of common stock in the midst of the banking crisis. The government injected a total of 45 billion dollars in the firm, once the world's biggest banking group; Kazinform cites Xinhua.
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