Citigroup yesterday unveiled plans to raise up to $19.6bn and return $20bn to US taxpayers in a move that will free the bank from heightened government supervision but could inflict further pain on its shareholders.

花旗集团(Citigroup)昨日宣布，计划筹集至多196亿美元的资金，并向美国纳税人偿还200亿美元。此举将使该行摆脱更为严格的政府监管，但可能会对该行股东造成更多痛苦。

The decision, after months of tense talks with regulators, is a milestone for Citi, which was repeatedly bailed out during the financial crisis and was one of the last banks still subject to tough government restrictions on pay and operations.

在与监管机构紧张协商数月后达成的上述决定，对花旗具有里程碑式的意义。金融危机期间，该行多次接受纾困，是最后几家仍然受制于政府严格的薪酬与经营管制的银行之一。

The equity offering, which could be the largest ever by a US bank, will be a test of investors' faith in Citi's ability to compete with healthier rivals without government support.

此次股权融资的规模，可能超过美国以往任何一家银行。它将考验投资者对花旗能力的信心，即该行能否在没有政府支持的情况下，与健康状况更好的竞争对手较量。

Under yesterday's agreement, the US Treasury will sell up to $5bn of the bank's shares, reducing its 34 per cent stake in the lender to below 30 per cent.

根据昨日达成的协议，美国财政部将出售至多50亿美元的花旗股份，把在该行的持股比例从34%降至30%以下。

The authorities have agreed to sell the rest of the government's stake within 12 months.

当局同意在未来12个月内售出剩余的政府持股。

Citi will also terminate an insurance agreement with the Federal Deposit Insurance Corporation on some $250bn in toxic assets – a key condition for Citi's release from restrictions on bankers' pay.

花旗还将终止一项与美国联邦存款保险公司(FDIC)达成的针对大约2500亿美元有毒资产的保险协议，这是花旗摆脱银行家薪酬限制的一个关键条件。

As a result, Citi will cancel $1.8bn-worth of preferred securities held by the FDIC, leaving the regulator with a $5.4bn preferred investment in the lender.

其结果是，花旗将取消由FDIC持有的18亿美元优先证券，使FDIC对该行优先证券的投资规模降至54亿美元。

Citi will also issue $1.7bn in stock to staff in lieu of cash bonuses and might sell $3bn in preferred securities in early 2010 if it needs more capital.

花旗还将向员工发放17亿美元的股票，以代替现金奖金。如需更多资金，该行可能会在2010年初出售30亿美元的优先证券。

The measures taken to repay the $20bn from the Troubled Asset Relief Programme will result in a $10.1bn pre-tax loss in the fourth quarter but will save Citi $2.2bn a year in interest and amortisation expenses.

为偿还从问题资产救援计划(TARP)那里得到的200亿美元资金所采取的上述举措，将导致该行在第四季度出现一项101亿美元的税前亏损，但将为花旗节省每年22亿美元的利息和摊销支出。

译者/章晴