National

Dec 14, 2009 9:40 AM by Associated Press

Citigroup to repay $20 billion in bailout money

Citigroup is repaying $20 billion in bailout money it received from the Treasury Department, in an effort to reduce government influence.

The New York-based bank was among the hardest hit by the credit crisis and rising loan defaults. It received $45 billion in government support as part of the Troubled Asset Relief Program.

Citigroup Inc. only has to pay back $20 billion because the remaining $25 billion was converted into a 34 percent ownership stake in the bank earlier this year.

The government says it plans to sell its shares in the bank within the next year.

Many banks have moved quickly to repay the bailout money because it came with restrictions like caps on executive pay and dividends.

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