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Thursday, 05/07/2009 6:56:59 PM

Thursday, May 07, 2009 6:56:59 PM

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Citigroup to Raise $5.5 Billion By Expanding Equity Exchange

The bank will exchange $33 billion of preferred securities and trust preferred securities into common stock, New York-based Citigroup said today in a statement. Under a plan announced Feb. 27, Citigroup offered to exchange $27.5 billion of the preferred securities for common.

http://www.bloomberg.com/apps/news?pid=20601087&sid=ayf7go6csodU&refer=home
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