<p>The completion of the public exchange offer would take the US government closer to owning 34 per cent in the financial services entity.<br /><br />“Approximately US$20.3 billion in aggregate liquidation value of publicly held convertible and non-convertible preferred and trust preferred securities were validly tendered and not withdrawn in the exchange.<br /><br />Liquidation value<br /><br />“This represents 99 per cent of the total liquidation value of securities that Citi was offering to exchange,” Citi said.<br /><br />Citi would offer nearly 5.8 billion common shares to the participants of the public exchange offer.<br /><br />One of the worst hit in the financial turmoil, Citi has already fresh capital to the tune of US$ 45 billion from the US and the exchange offer is part of its measures to strengthen the bank’s capital position. <br /><br />Last week, the company announced the completion of exchange offers worth US$ 25 billion with the Federal government and certain private holders of preferred securities. <br /><br />With the US government ready to match up to US$ 12.5 billion of the total securities exchanged in the offer, Citi said it expects to complete another exchange of preferred securities worth US$ 12.5 billion with the US.</p>
<p>The completion of the public exchange offer would take the US government closer to owning 34 per cent in the financial services entity.<br /><br />“Approximately US$20.3 billion in aggregate liquidation value of publicly held convertible and non-convertible preferred and trust preferred securities were validly tendered and not withdrawn in the exchange.<br /><br />Liquidation value<br /><br />“This represents 99 per cent of the total liquidation value of securities that Citi was offering to exchange,” Citi said.<br /><br />Citi would offer nearly 5.8 billion common shares to the participants of the public exchange offer.<br /><br />One of the worst hit in the financial turmoil, Citi has already fresh capital to the tune of US$ 45 billion from the US and the exchange offer is part of its measures to strengthen the bank’s capital position. <br /><br />Last week, the company announced the completion of exchange offers worth US$ 25 billion with the Federal government and certain private holders of preferred securities. <br /><br />With the US government ready to match up to US$ 12.5 billion of the total securities exchanged in the offer, Citi said it expects to complete another exchange of preferred securities worth US$ 12.5 billion with the US.</p>