Citicorp May Sell Stake in Credit Card...
From Times Staff and Wire Reports
Citicorp May Sell Stake in Credit Card Unit: Hoping to raise $1 billion to bolster its capital, the nation’s largest banking company is considering the sale of a 15% to 20% stake in its huge and profitable credit card business, sources close to the deal said. The partial selloff is one of several alternatives being mulled by Chairman John S. Reed, who announced last month that New York-based Citicorp is seeking an additional $4 billion to $5 billion in equity capital during the next two years.
