BANKING & FINANCE - Aug. 10, 1992
From Times Staff and Wire Reports
Citicorp Plans Stock Issue: In the latest move to strengthen its capital base, the nation’s largest banking company said it plans to improve its financial strength by issuing a special class of preferred stock that would raise about $650 million. Citicorp said it plans to offer 32.5 million shares. No date or price for the stock offering was announced. Citicorp shares closed Friday at $19.375, down 25 cents, on the New York Stock Exchange. The offering was announced after trading ended. A major attraction to investors is that the stock will pay dividends. Last year, Citicorp suspended dividend payments on its common stock, a move that angered shareholders.
