Kuwait says no dispute with Citi
Kuwait has clarified that the sale of its stake…
December 13, 2009 5:14 by kippreport
Kuwait has clarified that the sale of its stake in Citigroup earlier this month was not because of any dispute with the bank, reports Reuters. “The exit of Kuwait Investment Authority (KIA) from its stake in Citigroup for $4.1 billion was not due to any dispute between the two parties but it was an opportunistic investment,” Mustapha al-Shamali, Kuwait’s finance minister told al-Rai newspaper.
Last week, the wealth fund said that it made a profit of $1.1 billion by selling its stake in Citigroup.