Kuwait’s sovereign wealth fund has made a $1bn profit after selling its stake in Citigroup for $4.1bn less than two years after acquiring preferred shares the US’s largest bank during the financial crisis.
The Kuwait Investment Authority said on Sunday it had sold its entire stake in the US bank, earning the sovereign wealth fund a 37 per cent return on its investment.
The KIA sale comes as Citigroup is set to intensify efforts to break free from the US government’s emergency bank funding programme.
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