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Citigroup Wants $10 Billion from Investors After Wachovia Deal

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29 September 2008 @ 12:56 pm ET

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Citigroup is expecting to raise $10 billion in common equity in a move linked to its decision to purchase Wachovia Corp.'s banking operations for $2.16 billion in stock.

In this Jan. 15, 2008 file photo, the Citigroup Center is shown in New York. The government said Monday, Sept. 29, 2008, Citigroup will acquire the banking operations of Wachovia in a deal facilitated by the Federal Deposit Insurance Corp. (AP Photo/Mary Altaffer, file)

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Citigroup is also assuming Wachovia debts estimated at $53 billion, it said in a statement today.

New York-based Citigroup also planning to reduce its quarterly dividend to 16 cents per share, effective immediately in order to keep its strong capital position.

Today's purchase of Wachovia was assisted by the Federal Deposit Insurance Corporation which has agreed to provide loss protection in connection with approximately $312 billion of mortgage-related and other Wachovia assets, Citigroup said.

Next Article: Is Citigroup's Wachovia assets buy boosting confidence in Banking System?

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