Citigroup to Get $7.5 Billion Infusion From Abu Dhabi (Update1)Nov. 26 (Bloomberg) -- Citigroup Inc., the U.S. bank searching for a new chief executive as it faces at least $8 billion of writedowns, agreed to sell as much as 4.9 percent of the company to the government of Abu Dhabi for $7.5 billion.
Citigroup will sell equity units to the Abu Dhabi Investment Authority that convert into common shares, the New York-based lender said today in a press release.
"This investment, from one of the world's leading and most sophisticated equity investors, provides further capital to allow Citi to pursue attractive opportunities to grow its business," Win Bischoff, Citigroup's acting CEO, said in the statement. It helps "strengthen our capital base," he said.
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Pretty soon the question won't be what company runs the US government, but which country(ies).
Ain't Free Trade swell?
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