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Saudi Prince up stake in Citi Group

20 Nov 2008

Saudi Prince up stake in Citi Group
Prince Alwaleed bin Talal of Saudi Arabia has announced he is increasing his stake in the Citi Group to five per cent.

After the group's capital raising in January, the Prince held a five per cent stake but was reduced to four when it increased its Tier One capital ratio to above ten per cent.

Now the monarch has restored his stake to the original amount and said he is fully behind the chief executive officer, Vikram Pandit and his management team.

The Prince said he is "fully confident that that Citigroup's universal banking model and global franchise will make it a long-term winner in the financial services industry".

He initially invested in the group during the 1990s, taking control of a five per cent stake for an estimated $550 million.

The $50 billion worth of private capital raised by the firm includes a $7.5 billion worth of capital from the Abu Dhabi Investment Authority.

Meanwhile, the Menafn.com reported that a delegation of 80 Saudi businesswomen was taken on a tour of the real estate developments of the city of Jeddaah.

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