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  1. Wealth
November 21, 2008

Saudi prince to raise stake in Citigroup

By Spear's

Saudi Arabian investor Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud has announced he will increase his holdings in Citigroup to 5 percent

Saudi Arabian investor Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud has announced he will increase his holdings in Citigroup to 5 percent, from current holdings of just under 4 percent, saying he believes the shares are dramatically undervalued.

The news failed to boost Citi’s stock on Thursday, which saw further losses bring the closing share price down more than 25 percent to a 13-year low of $4.71. Investors are concerned it will need to raise up to $100 billion in additional capital, and some analysts forecast more than $20 billion of losses in 2009 on commercial real estate, credit card and other loans. On Monday, it announced that it would cut a further 52,000 jobs to help to reduce costs.

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