2.27.2009

Treasury set to convert Citi preferred to common

NEW YORK (Reuters) - The Treasury Department announced on Friday that it will convert a significant share of the preferred stock it holds in struggling bank Citigroup Inc to common stock as long as others also do so.

In an early-morning announcement, Treasury said it would convert dollar-for-dollar its preferred shares to match conversions by private preferred holders in a bid to strengthen Citigroup's capital base.

Read more @ Reuters


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