Citicorp plans to issue about $650 million in convertible preferred stock, the company announced late Friday afternoon. The stock would counts as Tier 1 capital, which would help boost Citicorp's thin equity ratios. The shares will be converted to common stock within three years of the offering.

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.