Citicorp Sells More Preferred Stock: The nation’s...
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From Times Staff and Wire Reports
Citicorp Sells More Preferred Stock: The nation’s largest banking firm, which last week sold $590 million in stock to a Saudi prince, said it sold another $600 million of the preferred shares to a broad group of institutional investors. Citicorp, under pressure from federal regulators and investors to acquire more cash, has been trying to raise $1 billion to $1.5 billion through securities sales. The latest announcement brings new capital raised to $1.19 billion.
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