Kuwait eyes profit from Citigroup stake -minister

According to Reuters, “Kuwait’s finance minister expressed confidence in the Gulf Arab state’s sovereign wealth fund investment in U.S. bank Citigroup, saying in remarks published on Tuesday that it could turn profitable.

‘Our investment in Citi… is beneficial… and God willing we will reach a stage where it becomes profitable,’ Mustapha al-Shamali told al-Rai newspaper.

The Kuwait Investment Authority (KIA), which manages state assets in the world’s fourth-biggest oil exporter, has come under fire from some parliamentarians for investing $5 billion last year in U.S. banks Citigroup and Merrill Lynch has since been bought by Bank of America.”

read more: Reuters

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