US banking giant Citigroup has reached an agreement with the US Treasury for the sale of $20.5 billion in shares and other securities that it will use to repay $20 billion in state aid.
The group said that the arrangement would enable it to recover its independence.
Between October 2008 and January of this year, the bank was rescued by the US Treasury, which provided help of $45 billion.
In return, US government authorities acquired 34% of the capital in the bank and were able to impose constraints on management.
Under the latest agreement, the Treasury is to sell initially Citigroup securities that it owns and which are worth €5 billion. It will then sell the rest of its interest in six to 12 months' time.
