Saudi's Kingdom Holding buys $450 mln stake in Citigroup from Alwaleed | Reuters
Saudi Arabian Prince Alwaleed Bin Talal's investment company Kingdom Holding (4280.SE) said on Wednesday it raised its ownership in Citigroup (C.N) to 2.2% after acquiring from the prince a stake in the bank worth about $450 million.
The company previously owned 1.6% of the Wall Street lender, it told the Saudi bourse in a filing, adding that the deal supported Kingdom Holding's strategic plans, but did not elaborate.
Saudi Arabia’s self-styled Warren Buffett, Prince Alwaleed has made hundreds of millions of dollars by investing with almost complete autonomy in companies from Uber to social network Twitter, now known as X.
Alwaleed rose to international prominence after making a big successful bet on Citigroup in the 1990s when the bank struggled with Latin American loan losses and the U.S. real estate market collapse. He was also an early investor in Apple.
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