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

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.