WASHINGTON (Reuters) - The Treasury said on Monday it was launching its plan to sell off its 7.7 billion share stake in Citigroup "in an orderly fashion".
The government's plans to sell its Citi shares marks another step in the withdrawal of the United States as a major stakeholder in the company.
The Treasury said in a statement it had given Morgan Stanley, its sales agent, discretionary authority to sell up to 1.5 billion common shares under certain parameters set out in a pre-arranged written trading plan.
The Treasury said it expected to provide Morgan Stanley with the authority to sell more shares after the initial amount.
The U.S. government owns 27 percent of the bank's shares, a stake it acquired during bailouts to strengthen the bank's capital base in 2008 and 2009.
Shares of Citi fell 1.7 percent to $4.77 in premarket trade shortly after the Treasury's announcement.
(Editing by Theodore d'Afflisio)
Relacionados
- Treasury begins sale of Citigroup stake
- Treasury votes for Citigroup reverse share split
- Los resultados de Citigroup dan un respiro a Wall Street
- El Dow Jones cierra con un alza del 0,67 por ciento gracias al empuje de Citigroup
- El Dow Jones cierra con una subida del 0,67 por ciento gracias al empuje de Citigroup
