Treasury grosses more than $10 billion in sale of Citigroup stock

The Treasury Department on Thursday announced it has so far sold approximately 2.6 billion shares of Citigroup common stock and grossed roughly $10.5 billion from the sale. The average price per share is $4.03.

Treasury received 7.7 billion common shares in the bank last summer as part of the exchange offers conducted by Citigroup to strengthen its capital base.

The Department exchanged the $25 billion in preferred stock it received in connection with the bank's participation in the Capital Purchase Program for common shares at a price of $3.25 per common share.

Treasury currently owns approximately 5.1 billion shares in the bank and expects to continue selling them once the blackout period set by Citigroup related to its second-quarter earnings release ends.