Citigroup asks to spend $1.2 billion on stock buybacks

NEW YORK, March 7 Thu Mar 7, 2013 5:55pm EST

NEW YORK, March 7 (Reuters) - Citigroup Inc 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.

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.