NEW YORK (

TheStreet

) --

Citigroup

(C) - Get Report

may be getting ready to announce a $20 billion equity offering in preparation for its repayment of funds from the Troubled Asset Relief Program.

CNBC

is reporting that Citigroup could unveil plans for the stock sale by the end of the week. CEO Vikram Pandit apparently has changed his travel plans ahead of the news, the

CNBC

report said.

Earlier in the day, Citigroup Chairman Richard Parsons told the cable television network that the company is in the position to be able to repay TARP, a move that requires government approval.

The company declined to comment for this story.

The news comes as

Bank of America (BAC) - Get Report

said Wednesday that it has completed its repayment of $45 billion in bailout funds. Bank of America last week was able to raise more than $19 billion through an equity offering in order to repurchase the preferred shares.

Citigroup is seeking to repay $20 billion in trust preferred securities owned by the government. Last year it received a grand total of $45 billion in TARP funding. In September, it completed a preferred-for-common equity exchange, making the government a 34% stakeholder through the conversion of $25 billion in preferred shares.

Following a repayment, the Treasury Department would still own the common equity stake as well as close to a half a billion in Citigroup warrants.

Shares were falling 1.2% to $3.87 late in Wednesday's session.

--Written by Laurie Kulikowski in New York.