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More major US banks announced plans to raise capital to repay the billions of dollars in government loans they received from the TARP fund.
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CNBC.com |
Treasury Secretary Timothy Geithner, who is holding talks with Chinese officials in Beijing, told CNBC on Tuesday that he expects US banks to repay some of the TARP money soon.
"I expect you’re going to see substantial repayments from some institutions relatively quickly," he said.
The first repayments to the TARP fund are expected to be made next Monday.
Morgan Stanley [MS
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] announced Tuesday plans to raise $2.2 billion of the $10 billion it owes to TARP by selling additional common shares to existing shareholders China Investment and Mitsubishi UFJ Financial Group. The plan has not yet been approved, but if it is, the company expects to have its loans repaid by the end of June.
JPMorgan Chase [JPM
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] announced plans Monday to raise $5 billion of its $25 billion loan by selling common stock. It expects to have the loans repaid by the end of June, and shares are expected to be priced Tuesday.
American Express [AXP
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] will sell $500 million of common stock in a public offering. It will use the proceeds for general corporate purposes, including repurchasing some of the $3.4 billion worth of preferred shares it issued to the Treasury. The company’s 19.8 million shares were priced at $25.25 a piece.
SunTrust Banks [STI
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], a Southeast regional bank, announced an accelerated plan to raise the $2.2 billion in capital it owes to the government. The bank will sell $1.4 billion in common stock, raise $300 million in common equity by selling securities, and raise $250 million by buying back up to $1 billion of preferred and hybrid securities for cash. Underwriters will then have 30 days to buy additional shares. The company's 108 million shares were priced at $13 — 80 cents below where they were at Monday’s market close.
Separately, Moody’s said Tuesday that it expects many banks will be unprofitable in 2009, and that US-rated banks will incur about $470 billion in loan and security losses and write-downs in 2009 and 2010.
—Reuters and The Associated Press contributed to this report.
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