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.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.