BANKING & FINANCE - Oct. 7, 1992
From Times Staff and Wire Reports
Citicorp Discloses New Details About Regulatory Deal: An agreement between Citicorp and federal regulators about the bank’s financial troubles is more restrictive than the bank previously described, according to a document released Tuesday. Citicorp said in the document that it can’t make “significant” acquisitions or expand its consolidated assets without the approval of the Comptroller of the Currency or the Federal Reserve Board. The disclosure was contained in a just-released prospectus for Citicorp’s proposed $650-million preferred stock offering, announced in September. Citicorp spokesman John M. Morris said the bank has not been interested in acquisitions anyway because it has been concentrating on building capital since early 1991.
