When is a Bank Nationalized?

There’s always been some conceptual unclarity around the idea of “nationalizing” a bank. But it seems to me that if the government is going to own 30-40 percent of Citi then that looks a lot like nationalization to me. But how come only some of the board is getting sacked? Would anyone argue that Citi’s directors have been doing a great job? Why can’t I get a gig on the board? How poorly managed could the company get?