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Prince Alwaleed Congratulates Corbat for Citigroup’s Strong Results Citigroup Has Highest Fed-Test Results Among American Banks

March 15, 2015

 

HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud, Chairman of Kingdom Holding Company (KHC), congratulated Mr. Mike Corbat CEO of Citigroup for passing the Federal Reserve’s stress tests with highest and cleanest results among top Wall Street banks and also Prince Alwaleed congratulated and thanked Mr. Corbat for increasing dividend payment from 4 cents to 20 cents per annum which is equal to 400% increase and initiative a buyback program of as much as $7.8 billion dollars of stocks representing %5 of the group’s market-cap.

 

Moreover, Kingdom Holding Company and Prince Alwaleed are among largest investors in Citigroup. 

 

Furthermore, Citigroup’s share price climbed to $54 after announcing the Fed-tests results, in extended trading. 

 

In 2014, Prince Alwaleed met at his office in Riyadh Mr. Mike Corbat CEO of Citigroup. Prince Alwaleed and Mr. Corbat discussed the latest developments in Citigroup and future plans of the company. 

 

In July 2014, Prince Alwaleed congratulated Mr. Corbat for Citigroup’s Q2 positive results.

 

In 2013, Prince Alwaleed was received by Mr. Corbat at the company Headquarters in New York. In the same year, Prince Alwaleed received Mr. Corbat at his office in Riyadh. The two discussed various topics related to their respective companies. Prince Alwaleed hosted a dinner in honor of Mr. and Mrs. Corbat at Kingdom Resort.

 

Prince Alwaleed is a prominent investor in Citigroup through KHC which operates in over 160 countries in the world since 1991 and is the largest single shareholder in the company. In 2008, Prince Alwaleed participated in a $12.5 billion private offering of convertible preferred securities of Citigroup. The new direct investment was made alongside an exclusive group of leading international investors. The Prince converted the preferred shares in 2009 into common shares (voting shares).

 

Founded in 1980, KHC is a publicly traded company which was listed on Tadawul (the Saudi Stock Exchange) in 2007. KHC is one of the world’s most successful and diversified business organizations, highly respected in the field of investments and recognized as an elite player in the Arabian Gulf region, and internationally. The Company is recognized as one of the largest foreign investors in the United States. KHC’s portfolio has its major interests in investment categories ranging from luxury hotels management hotel companies (Four Seasons Hotels and Resorts, Fairmont Raffles Holding Intl and Mövenpick Hotels, Resorts AG and Swissotel) and real estate (Kingdom Tower and project in Jeddah and Kingdom Riyadh project) to hotel real estate investments such as (The Plaza, New York, Savoy Hotel, London and Four Seasons, George V Hotel, Paris and other hotels). KHC also has investments in Petrochemical (Tasnee) Media and Publishing (News Corporation and Saudi Research and Marketing Group), as well as in Entertainment (Euro Disney S.C.A). In addition, Finance and Investment services (Citigroup), Social Media and Technology (Twitter and Jingdong). Moreover, the Company has investments in Education (Kingdom Schools), Health Care (Medical Services Projects Company), Aviation (NAS Saudi Arabia) and Agriculture (Kingdom Agricultural Development Company – KADCO Egypt).