Citicorp plans to sell about 17 million...

Citicorp plans to sell about 17 million common shares in September in an offering that could raise more than $1 billion. The worldwide stock offering would increase its outstanding common shares by 12.3% to 155 million. The nation’s largest banking company said the move would strengthen its balance sheet and increase its flexibility in pursuing its core business objectives. Citicorp reported a huge loss in the April-to-June quarter after setting aside $3 billion in May, a move that was seen as acknowledgement that it expects to lose money on its $15 billion in Third World loans.