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Citigroup approves $6 bn in new lending initiatives

Citigroup approves $6 bn in new lending initiatives
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First Published: Tue, Aug 11 2009. 05 58 PM IST
Updated: Tue, Aug 11 2009. 05 58 PM IST
New York: Citigroup says it approved $6 billion in new lending initiatives during the second quarter as part of its programs supported by government bailout funds.
The New York-based bank says that it has now approved $50.8 billion in lending programs tied to receiving money as part of the Troubled Asset Relief Program (TARP).
Among the money approved for lending, $15.1 billion has been deployed.
Two new programs were approved by Citi in the second quarter. Citigroup will provide up to $4 billion in municipal letters of credit and up to $2 billion for mortgage originators.
Citigroup has received $45 billion in TARP money since last October. A portion of that money was recently converted into a 34% ownership stake for the government.
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First Published: Tue, Aug 11 2009. 05 58 PM IST