Monday, February 23, 2009

Abu Dhabi U.S. Government Becomes Largest Citigroup Shareholder

Abu Dhabi, once the largest shareholder of Citibank, America's largest bank, is set to have that distinction taken away by a new unforeseen investor. That investor is none other than the U.S. government.

The new plan currently being negotiated on with Citibank executives and members of Obama's administration will give the federal government roughly a 40% stake in the company, eclipsing the previous highest stake holder by nearly 1000%.

Citibank has over 200 million customers in 109 countries.
"We're ... going to have to fix a bank system that's broken."
- President Barack H. Obama

No comments: