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Bank of America (BAC)

Bank of America Repays Its $45 Billion TARP

Yahoo Finance reports that Bank of America Corp. said Wednesday it has repaid the entire $45 billion it owed U.S. taxpayers as part of the Troubled Asset Relief Program. Repayment of the funds frees the Charlotte, N.C.-based bank from the government restrictions that have hampered its search for a new CEO.
Treasury now estimates that total bank repayments could reach up to $175 billion by the end of 2010, the agency said in a release Wednesday.

Dec 9 · 6:04:00 PM · Source: Yahoo Finance
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by Rich Pike

Citigroup (C)

Citi Plans to Repay TARP

CNBC is reporting that Citigroup plans to pay back some of the $45 billion in TARP money it received last year by raising as much as $20 billion through a stock offering.
Exiting TARP would allow Citigroup to get out from under the thumb of the US government's pay czar, who has the authority to rule on how the bank pays its employees. But Citigroup's plan to extract itself from TARP could be more complicated than Bank of America's, because it has received more government support. The US owns about a third of the bank's shares, after Citigroup gave a big chunk of common stock to investors in exchange for preferred shares.

Dec 9 · 5:53:00 PM · Source: CNBC
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by Rich Pike

Citigroup (C)

Kuwait Sells $4.1 Billion Stake in Citigroup

Kuwait Investment Authority or KIA, the country's sovereign wealth fund, said it sold a $4.1 billion stake in Citigroup.
The KIA said it made a $1.1 billion profit, or a 36.7% return on its investment, according to the emailed statement. The KIA invested $3 billion in Citibank at the beginning of 2008, the authority added.

Dec 7 · 4:30:00 PM · Source: Reuters
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by Michael Oliveto

Bank of America (BAC)

Bank of America to Repay Entire $45 Billion TARP

Bank of America Wednesday announced It will repay U.S. taxpayers their entire $45 billion investment provided under the Troubled Asset Relief Program (TARP). The repayment will be made after the completion of a securities offering. To date, Bank of America has paid $2.54 billion in dividends to the U.S. Treasury on the TARP investment. Repaying TARP will save the company approximately $3.6 billion in annual dividend costs from the TARP investment.
The move underscores the banking industry’s swift recovery from the financial crisis.

Dec 3 · 11:54:00 AM · Source: Company News Release
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by Larry Etter

AIG (AIG)

AIG In Deal To Reduce Debt To Fed

American International Group, the insurance giant bailed out by the federal government, Tuesday said it had completed a deal to reduce its debt to the Federal Reserve by $25 billion. To do this, AIG gave the Federal Reserve Bank of New York preferred stakes in two of the company's crown jewels -- Asian-based American International Assurance, or AIA, and American Life Insurance Co., or Alico, which operates in more than 50 countries. The deal had been announced earlier this year.

Dec 1 · 2:16:00 PM · Source: Company News Release
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by Larry Etter

State Street (STT)

State Street to Buy Mourant

State Street Corp. Tuesday said it has agreed to acquire Mourant International Finance Administration. Mourant, based in the Channel Islands, has about $170 billion of assets under administration and 650 employees. It is called a leading provider of fund-administration services, particularly for alternative investments such as private equity, real estate and hedge funds. The purchase prices is not being disclosed.
The deal would increase State Street's alternative-investment presence.

Dec 1 · 12:42:00 PM
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by Larry Etter

Citigroup (C)

Citigroup Sells Diners Club North America Business

Citigroup said Tuesday it is selling its Diners Club North America card business to Bank of Montreal. The deal gives BMO exclusive rights to issue Diners cards in the U.S. and Canada. Terms of the deal were not disclosed.
The sale is anticipated to reduce Citi's assets in Citi Holdings by approximately $1 billion and is not expected to have a material impact on Citi's net income or capital ratios. The transaction is expected to close by March 31, 2010 and is subject to regulatory approvals and customary closing conditions.

Nov 24 · 12:13:00 PM · Source: Company News
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by Larry Etter

American Express (AXP)

Amex to Buy Revolution Money

American Express Company Wednesday announced it has agreed to acquire Revolution Money, a company launched by AOL Co-founder Steve Case's Revolution LLC in 2007 to provides secure payments through an internet based platform.
Interestingly, American Express is buying a nascent competitor that has positioned itself to merchants as a low-cost alternative as Revolution offers PIN-based credit cards that charge merchants a fraction of the typical acceptance cost and free online money transfers.

Nov 18 · 11:58:00 AM · Source: Company News Release
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by Larry Etter

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