Trump tells Putin to end 'ridiculous war' in Ukraine or face new sanctions    Thousands evacuated as new fast-growing fire ignites near Los Angeles    With Safety at its Core, OMODA C5 forges a Shield of Quality    Hans Zimmer to reimagine Saudi national anthem and collaborate on future projects    Saudi House pavilion at WEF showcases Kingdom's key achievements and promising investment opportunities    Maximum fine of SR900 for using mobile phone while driving    Al-Jadaan at WEF: Saudi Arabia achieves $200 in investment returns for every dollar it spends    Convicted US Capitol rioter turns down Trump pardon    "Theeb Rent a Car" receives two awards for Best New Sustainability Practices and Most Distinguished Company in Social Responsibility from The Global Economics    US tech giants announce AI plan worth up to $500bn    Israel's military chief resigns over 7 October 2023 failures    Dangerous drug-resistant bacteria are spreading in Ukraine    France issues health warning as tons 'aphrodisiac honey' seized    Al Nassr secures hard-fought 3-1 victory over Al Khaleej in Saudi Pro League    Al Hilal signs young Brazilian talent Kaio César from Vitória Guimarães    Roberto Firmino's volley secures Al Ahli's 2-1 win over Al Ettifaq    Saudi Arabia introduces national policy to eliminate forced labor    Al Hilal solidifies Saudi Pro League lead with a 4-1 victory over Al Wahda    Princess Hessa bint Salman attends launch of fashion design exhibition in Riyadh Princess Noura Al-Faisal: Art of Heritage showcases Saudi identity with a modern vision    Weight-loss drugs may boost health in many ways    Bollywood star Saif Ali Khan 'out of danger' after attack at home in Mumbai    Order vs. Morality: Lessons from New York's 1977 Blackout    India puts blockbuster Pakistani film on hold    The Vikings and the Islamic world    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    









US Citigroup's biggest shareholder
Published in The Saudi Gazette on 31 - 07 - 2009

One hundred ninety-seven years, one month and 14 days after its founding, Citigroup Inc has given a roughly 34 percent stake to US taxpayers.
While a few technical details still remain, the bank has completed a months-long effort to convert preferred shares held by the US government into common stock.
Citigroup on Thursday completed two exchange offers to bolster the capital position of the nation's third-biggest bank, widely considered the most troubled large US lender.
Public investors, private investors and the government swapped close to $58 billion of preferred securities into common stock of the New York-based bank.
Citigroup has said the swaps would leave it with more than 21 billion shares, up from 5.51 billion at the end of June.
The $25 billion swapped by the government is part of its $45 billion infusion from the federal bank bailout plan, the Troubled Asset Relief Program.
Another $20 billion of that sum will remain in the form of preferred shares, throwing off an 8 percent annual dividend.
The higher government stake could add to pressure on Chief Executive Vikram Pandit to improve performance and shed unwanted or toxic assets.
Citigroup has also overhauled upper management and added seven new directors this year.
Earlier Thursday, Citigroup said it will sell a 64 percent stake in Japan's Nikko Asset Management Co to Sumitomo Trust & Banking Co for 75.6 billion yen ($790 million).
Speaking in Kuala Lumpur, Malaysia, Pandit said the bank is moving “extremely fast” on asset sales. Citigroup agreed to the exchange offers in February as part of a government bailout, following $37.5 billion of losses over the previous five quarters.
The swaps were originally expected to total $52.5 billion. They grew to $58 billion after regulators ordered Citigroup to build a buffer following a “stress test” of its finances.
Citigroup said the swaps will make it one of the world's best-capitalized banks, with about $100 billion of tangible common equity.
Other large Citigroup investors include sovereign wealth funds, and Saudi Prince Alwaleed Bin Talal. The bank's roots date to when City Bank of New York opened on June 16, 1812, with $2 million of authorized capital.


Clic here to read the story from its source.