Citigroup, Inc. (NYSE:C) is in discussions with the US Government regarding a deal that could break the company free from its debt in Washington. If the deal is finalized, the company will be able to raise over $10 billion in new capital by issuing common stock. The net proceeds from the offering will enable the bank to pay back a portion of the $20 billion given to them by the Treasury Department last year.
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The deal will also allow the bank to exit the government’s program shielding the company from most of the losses on $301 billion of assets. Citigroup executives are hopeful that the Treasury will announce its preparation to sell its 34% stake in the company. Its Chief Executive Officer Vikram Pandit has been anxiously awaiting the close of the deal to repay taxpayer funds and end the stigma associated with the Troubled Asset Relief Program.
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