WASHINGTON — The Treasury Department says it will begin selling the stake it owns in Citigroup.
The government received 7.7 billion shares of Citigroup Inc. in exchange for $25 billion it gave the bank during the 2008 credit crisis. It says today it will sell the shares over the course of this year, depending on market conditions.
Citi was one of the hardest hit banks during the credit crisis and recession. It received a total of $45 billion in bailout money. Citi repaid the other $20 billion it owed the Treasury in December.
The Treasury says Morgan Stanley will handle the sale of the shares..
Citi is up 8 cents at $4.39 in pre-market trading.