US GOVTS: Treasury Seeking Asset Management Services for Capital Purchase Plan
Fri, Nov 7 2008, 16:15 GMT
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Washington, November 7 - The Treasury today said it is seeking financial institutions to help manage the purchase of preferred stock in banks under the Capital Purchase Program.
In a notice issued today, Treasury said it would take solicitations until November 13, and is looking for equity, debt and warrants asset management services.
Treasury was authorized under the $700 bln Wall Street bailout bill to buy up bank stocks as a way of re-capitalizing banks so they can keep up lending activities. Today's notice is only a request for solicitations for this program, not the separate program in the bill under which Treasury will buy up illiquid assets from banks.
pete.kasperowicz@thomsonreuters.com
pik/wash
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