Key events at Citi leading up to repaying funds

AP News
Posted: Dec 14, 2009 5:08 PM

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.