Citi: Share Exchange to Start This Week

Citigroup Inc. said Monday that it expects to launch its long-awaited exchange offers this week, and it dismissed news reports attributing the delay to squabbles with regulators.

"The offers require numerous different federal and other approvals, and press reports suggesting that federal banking agencies delayed these approvals are entirely incorrect," the company said.

The New York banking company, which hopes to convert $27.5 billion of privately held preferred stock into common shares, said it has worked "with the encouragement and support of all the federal banking agencies." The remark contrasts with a flurry of unsourced reports that the Federal Deposit Insurance Corp. had held up the conversions.

For reprint and licensing requests for this article, click here.
MORE FROM AMERICAN BANKER