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C
Citigroup Inc.

5/25/2012, 5:46 AM ET
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  • 5:13 AM Citigroup (C) sells a 10.1% stake in Turkey's Akbank (AKBTY.PK) for $1.15B as part of the U.S. bank's program to sell assets in order to meet Tier 1 capital requirements. Citigroup will hold a remaining 9.9% stake for 3 years. The bank will take a post-tax $243M loss on the sale, having bought the 20% holding in 2007 for $3.1B. (PR)
    Comment!
    [Financials, M&A]
  • Monday 12:24 PM The FDIC sues JPM, C, BAC, and DB in New York, acting as receiver for Strategic Capital Bank which claims $11M in losses in MBS-related losses.
    3 Comments
    [Financials]
  • Monday 8:10 AM JMP Securities cuts the TBTF banks due to the European crisis, with analyst David Trone's base case scenario (60% chance) seeing a Greek exit, but no contagion. He sees just a 10% chance Greece stays in the EMU. That leaves 30% for exit, but with contagion.
    3 Comments
    [Financials]
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Company Description

Citigroup’s history dates back to the founding of Citibank in 1812. Citigroup’s original corporate predecessor was incorporated in 1988 under the laws of the State of Delaware. Following a series of transactions over a number of years, Citigroup Inc. was formed in 1998 upon the merger of... More

Sector: Financial
Industry: Money Center Banks
Country: United States