Key events at Citi leading up to repaying funds
APNews
Dec 14, 2009
Here are highlights of recent changes at Citigroup Inc. leading up to the bank's announcement Monday that it will repay $20 billion in rescue funds:
_ Oct. 14, 2008: Citigroup is one of eight major banks in the first round of companies to receive government aid under the Troubled Asset Relief Program.
_ Jan. 16, 2009: Citigroup announces plans to split into two parts: Citicorp and Citi Holdings, with plans to sell off the risker assets contained in Citi Holdings.
_ Jan. 21: Longtime board member Richard Parsons named chairman.
_ Feb. 27: Government says it will swap $25 billion in bailout funds for a roughly one-third stake in the bank.
_ March 5: Shares drop below $1.
_ May 1: Citigroup agrees to sell its Japanese brokerage business, Nikko Cordial Securities Inc., and some parts of Nikko Citigroup's Japan business for about $5.6 billion.
_ July 30: Citi sells its entire majority stake in a Japanese asset management company, Nikko Asset Management, for about $795 million.
_ Aug. 31: Citigroup sells $1.3 billion in credit card assets.
_ Oct. 9: Citi sells Phibro commodities trading division to Occidental Petroleum Corp., avoiding a showdown with regulators over the high compensation paid to a trader in the unit.
_ Nov. 24: Citi sell its Diners Club North American franchise to BMO Financial Group for undisclosed terms.
_ Dec. 14: Citigroup announces it will repay $20 billion it owes in bailout money and unwind a loss-sharing agreement on nearly $300 billion in risky assets. The government also says it plans to sell its nearly 34 percent stake in the bank over the next year.