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Citibank Repays USD 20 bn to US Govt |
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Citigroup Inc repaid US$ 20 billion to the United States Government. This is part of the support the bank got last year from the Government. It raised the funds for this by selling USD 17 billion in common shares and USD 3.5 billion in convertible notes. Citigroup received USD 45 billion in all under the US Troubled Asset Relief Program (TARP) last year. With these steps, the bank is no longer subject to the oversight of US administration for 2010 compensation. This repayment is good news because it indicates that the US financial services sector is now definitely coming out of recession. |
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