March 7, 2013 / 11:09 PM / in 6 years

Citigroup asks to spend $1.2 billion on stock buybacks

NEW YORK (Reuters) - Citigroup Inc (C.N) said on Thursday it had asked the Federal Reserve for permission to spend $1.2 billion to buy back its own stock through next March but had not asked to raise its quarterly dividend.

A man walks past a Citibank branch in lower Manhattan, New York October 16, 2012. REUTERS/Carlo Allegri

The company announced the moves after the Federal Reserve released results of its stress test of bank capital and showed Citigroup scoring better than a year ago.

Reporting by David Henry in New York.

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