The US Treasury expects to sell its 27 per cent in stake in Citigroup before the end of the year in an “orderly and measured fashion”, as it tries to turn a profit from one of the most high-profile government investments of the financial crisis.
The Treasury said yesterday it had hired bankers at Morgan Stanley to handle the sale of about 7.7bn Citi shares, which it received in exchange for its bailout of the bank in 2008.
The US government had hoped to begin selling its Citi stake last year, but when the bank's share price dropped below $3.20 in December, it delayed those plans amid fears that it might lose money on the investment.
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