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The Government said late Monday that it had reached an agreement to sell its remaining funds of the common shares of Citigroup and end turn a profit of 12 billion dollars by the giant Bank rescue plan.

The Department of the Treasury Board stated that final offer of the shares of approximately 2.4 billion shares of Citigroup Inc. was price $4.35 per share.

With the proceeds of the sale, the Government will be achieved $ 57 billion on its large bank rescue package.

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By selling today all remaining shares of Citigroup, we were able to block substantial profits for the taxpayer and to avoid future risks, said Tim Massad, officer of the Treasury, who leads the program rescue."

"With this transaction, we advanced our goals of recover TARP funds, to protect the taxpayer and how the company ownership stakes in private companies, Government" Massad said in a release.

"Step".
Citigroup received 45 billion in support of the taxpayer in late 2008 in one of most important Government struggled to contain the worst financial crisis hitting the country since the 1930s Bank rescues.

"CITI is pleased the Department of the Treasury established to plans to leave his remaining funds of the common shares of Citigroup." We are very grateful for the support provided by the Treasury to the financial crisis, "Citigroup Jon needed spokesman said in a statement."

"This is an important step for the Government and Citigroup," James Angel, a professor at Georgetown University finances, told the Wall Street Journal. "He pointed out that the company was fully privatised and parole is."

Linus Wilson, a professor at the University of Louisiana at Lafayette, finance, said the newspaper sales of a Government strategy was a success. "They have a risk by not at the beginning of the sales or selling too much at a time", he said.

The move to sell the remaining shares in a large offering following successful initial public offering last month in General Motors Corp., which significantly reduces the participation of the Government.

The Government introduced 49.5 billion in GM for its giant automaker bailout plan. Last week, Treasury Board announced that he had received 1.8 billion additional dollars in net proceeds from the sale of stock of GM, bringing the total until it has received a public offering of GM stock at $ 13.5 billion.

The Treasury Board should start selling its stake in the aging insurer American International Group next year and expects a profit on the complicated series of transactions.

George Ball, President and Chief Executive Manager money shop Sanders Morris Harris Group, said that the Wall Street Journal, the sell-off marked "rolling" the bailout Citigroup Global. He said "subsequent sale of the Government Bank stock is much less important, regarded as objects in the mirror rather than important cue points,".

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Ball added that the Bank was now "a simpler and more predictable animal and is very important for survival."

The bailout of Citigroup and other big banks started under Republican George w. Bush administration, but transformed an important political responsibility for President Barack Obama Congress last month's elections.

Republicans have taken control of the House of representatives and won six seats in the Senate by capitalizing on the wrath of the voter on the plan rescue and federal budget deficits increased.

Administration insisted that subsidies are necessary to prevent a still deeper recession.

$ 25 Billion TARP
They said the cost of it will be decreased as Citigroup and other surviving institutions repaying their loans from the Government.

The last estimate of the budget for the Congress at the end of November that Asset Troubled 700 billion program would eventually cost the Government 25 billion, down to an August CBO estimate of $ 66 billion.

45 Billions of dollars in support of taxpayer of Citigroup, $ 25 billion has been converted into a set of Government property as the Treasury Board was winding up since last spring. The Bank has repaid the other 20 billion in December 2009.

Commission stated that prices of latest actions 2.4 billion shares, on Monday, he will receive 31.8 billion sale of common shares and $ 2.9 billion in interest and dividends.

The total of $ 57 billion includes also the $ 20 billion of Citigroup December 2009 refund money TARP and $ 2.2 billion from the sale of trust preferred securities held by the Government.

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Sale, however, do step completely frees Citigroup Government clutches. Treasury Board also stated that it would continue to hold warrants to buy Citigroup shares issued within the framework of the bailout. They may be redeemed by Citigroup or sold in a separate auction sale for an additional benefit.

Real earnings are expected to climb with 800 million trust preferred securities held by the Federal Deposit Insurance Corp. and sale of subscription sales.

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Commission had prepared approximately 5.3 billion shares at an average price of $4.05 before Monday remaining stock prices.

With pricing of $4.35 shares offered Monday, average price of the Treasury Board for shares of 7.7 billion for all of the shares will turn out to be $4.14.

Many Monday, which Morgan Stanley acted as bookrunning, Director should close on Friday, said the Treasury. Citigroup to pay subscription fees.

Shares closed at $4.45 Monday trade Citigroup and varied from a minimum of $3.11 to a maximum of $5.07 for 52 weeks.

The Associated Press and Reuters have contributed to this report.

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