Kingdom Holding Buys $450 Million Citigroup Stake from Prince Alwaleed Bin Talal
Posted on 11/29/2023
The Kingdom Holding Company is a Saudi conglomerate holding company, based in Riyadh. Kingdom Holding raised its ownership in Citigroup Inc. to 2.2% after acquiring from Saudi Arabian Prince Alwaleed Bin Talal a stake in the bank worth about US$ 450 million.
Kingdom Holding Company previously owned 1.63% of Citigroup.
Prince Alwaleed Bin Talal made a bet on Citigroup in the 1990s when the bank struggled with Latin American loan losses and the U.S. real estate market collapse. Citigroup Inc. has reduced employee headcount by 2,000 in third quarter of 2023.