Citigroup Inc. (NYSE:C) Sells Part Of Akbank Stake While Buys $1.7 billion Mortgage-Backed Securities
Citigroup Inc. (NYSE:C) which has a 20 percent ownership in the Turkish lender Akbank started selling a 10.1 percent position of Thursday. Akbank said in a statement to the Istanbul Stock Exchange that buyers will not be allowed to acquire more than a five percent stake.
The bank said Citigroup would retain the remainder 9.9 percent holding for three years. It acquired stake into Akbank in January 2007. Citigroup will sell 404 million shares in Akbank using an accelerated offering, a source close to the contract said earlier on Thursday.
On the other side, Citi has purchased $1.7 billion of mortgage-backed notes from the Federal Reserve Bank of New York’s Maiden Lane III portfolio, the district bank published on its website yesterday.
According to the latest closing data, Citigroup Inc. (NYSE:C) shares fell -1.80% to settle at price $26.66. Intraday trading appeared in a range of $26.31 – $27.43 while in period of a year the stock has floated within a range of $21.40 – $43.06. The last session’s volume of 40.74 million shares competed with an average daily trading volume of 42.67 million shares.
Let’s have look at its direct competitor, Bank of America Corp (NYSE:BAC) shares were down -0.42% to close at $7.14. The price was recorded in a range of $7.01 – $7.33 throughout the last trading session while in period of 12 months shares have been floating between $4.92 and $11.92. The last session’s volume of 206.04 million shares competed with an average daily trading volume of 201.36 million shares.
Another competitor, HSBC Holdings plc (ADR) (NYSE:HBC) shares in last session were -0.07% below breakeven line and closed at $40.52. The stock in last session traded in a range of $40.13 – $40.76 while in period of a year the stock floated within a range of $35.72 – $52.59. The last session’s volume of 2.84 million shares competed with an average daily trading volume of 2.27 million shares.
Turning to rival JPMorgan Chase & Co (NYSE:JPM), traded down -0.85% and price moved to $33.97. Intraday trading recorded price in a range of $33.62 – $34.48 while in 52 weeks price has been floating within a range of $27.85 – $46.49. The last session’s volume of 27.85 million shares competed with an average daily trading volume of 46.49 million shares.