Kuwait to retain Merrill, Citi stake

Kuwait has no intention to sell its investments in U.S. banks Merrill Lynch and Citigroup, in the short term, its sovereign wealth fund said in a report published on Sunday.

"The Kuwait Investment Authority (KIA) has no intention to sell its investments in Merrill Lynch or Citigroup in the short term, as the authority relies in its investment policies on a long-term look," KIA said in a statement obtained by daily al-Rai and published on Sunday.

Kuwait's sovereign wealth fund, which manages state assets in the world's fourth-biggest oil exporter, has come under fire from some parliamentarians for investing $5 billion in Citigroup and Merrill Lynch. Merrill has since been bought by Bank of America.