Wednesday, 17 March 2010
Citi seeks to fix Gulf business amid Abu Dhabi and Kuwait friction
Citigroup plans to step up its activities in the oil-rich Gulf to rebuild its long-established regional franchise that has been tarnished by disputes with regional investors.
Citigroup has operated in the Arab world for almost 50 years and the Gulf came to the rescue of the embattled bank in the early stages of the credit crunch when the sovereign wealth funds of Abu Dhabi and Kuwait pumped billions into the US-based lender.
However, the relationships with two of the world's largest institutional investors have since soured .
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