Citigroup's problems mounted yesterday as the Abu Dhabi Investment Authority accused the bank of misleading it over a $7.5bn investment and protests grew over a tax break from the US authorities.
The controversy, which saw Citi's shares fall to a four-month low, engulfed the bank as it tried to raise up to $19.6bn in shares to repay $20bn in federal aid and extricate itself from tough government-imposed curbs on pay and operations.
Citi's stock has fallen by 10 per cent since it announced the capital raising on Monday, increasing the risk that the value of existing shares will be diluted heavily by the new issuance. The offering was expected to be priced after the market closed yesterday.
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