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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Photos Sitemap US government to sell stake in Citigroup AFP - Tuesday, March 30 Send IM Story Print WASHINGTON (AFP) - – The US Treasury Department on Monday announced it would sell its multi-billion-dollar stake in Citigroup this year, in what would be one of the largest stock sales in history. 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 US government owns 27 percent of the firm and shares worth around 33 billion dollars at current market rates. The announcement comes as Washington tries to claw back the 700-billion-dollars of tax payers' money used to prevent the collapse of the global financial system in 2008. At the depths of the crisis the government injected a total of 45 billion dollars into Citi, once the world's biggest banking group. The New York-based company faced massive losses in the wake of the mortgage crisis and came perilously close to seeing a run on its deposits as confidence in the system collapsed. Despite repaying some 20 billion dollars to the authorities in December, Citi is today one of the last of the major banks operating in the shadow of a US government bailout. The government had held off selling its share stake in the firm until now, no-doubt dissuaded by its low market value. The beleaguered global bank's full year loss in 2009 was 1.6 billion dollars, although that was much lower than the hefty 27.6-billion-dollar loss suffered in 2008. But Citi's share price has been rising steadily in recent months as Chief executive Vikram Pandit has embarked on sweeping reforms designed to prop-up the firm's balance sheet and slash costs. Pandit efforts to reduce the company size and staff, refocus business strategy and overhaul risk management has cut costs by over 13 billion dollars annually. The government now stands to net an eight-billion-dollar profit from selling its shares, if current prices hold up. But amid continued market jitters, the Treasury said its sell-off would be gradual. A quick unloading of the stock could flood the market, diluting the value of the firm. "Treasury intends to sell its Citigroup common shares into the market through various means in an orderly and measured fashion," a Treasury statement said. But analysts said the large volume of Citi stocks bought and sold each day should help the government offload its stake. "With average daily trading volume of more than 500 million shares, we think the government could divest its stake without undue pressure on the share price," said Standard & Poor's Matthew Albrecht. But the news prompted shares in the banking giant to sink. Shortly before midway point of Monday trading, Citi's share price was down 2.55 percent to 4.20 dollars a share. The treasury also owns billions of dollars worth of Citi trust-preferred securities and warrants -- financial instruments allowing holders to buy stock in the future at a fixed price. Those holdings were not included in Monday's announcement. Recommend Send IM Story Print News Search Top Stories Greece nets five billion euros on lower rates after EU aid plan US government to sell stake in Citigroup IMF foresees rapid US growth Toyota global sales up 13% in February Junkies and junk-food addicts share craving mechanism More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended Junkies and junk-food addicts share craving mechanism UNAIDS calls for lifting of HIV travel bans Cancer-stricken Dennis Hopper gets Hollywood star Second BA strike gives fresh ammo to warring parties World's iconic sites go dark to fight global warming More Most Viewed » 'Rare' fossil of new dinosaur species found in US 'Britain's Fritzl' raped daughters for over 25yrs Hollywood stars help prevent suicide after Twitter alert Prince Philip in strip club gaffe More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos World Cup 2010 Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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