Citigroup to sell $3 billion in stock |
Reuters - Apr 30, 2008 |
Citigroup Inc said on Tuesday it plans to sell $3 billion of common stock to bolster its capital levels, sending its shares down in after-hours trading.
The largest U.S. bank is raising capital after suffering a $15 billion net loss over the last two quarters, and reporting more than $45 billion of write-downs and credit losses since June 30.
Chief Financial Officer Gary Crittenden said in a statement that Citigroup had received "strong" interest in the public offering. The company said the issue may grow in size.
Since late 2007, Citigroup has raised more than $36 billion of capital, including last week's sale of $6 billion of preferred stock. The bank is also selling assets, such as a $12 billion leveraged loan portfolio it sold this month to private equity investors.
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- Posted: 2008-04-30 08:42:13
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