Following the announcement of Citigroup’s results, HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud, Chairman of Kingdom Holding Company (KHC) congratulated Mr. Vikram Pandit CEO of Citigroup on the Company’s “promising” Q3 results of $3.8 billion which is an increase of 74% and an increase of earnings per share to $1.23 versus $0.72 in the third quarter 2010.
During their latest meeting in New York this year, Prince Alwaleed and Mr. Pandit discussed the latest developments in Citigroup and future plans of the Company. During the visit, the Prince re-affirmed his support of Mr. Pandit and Citigroup’s management.
In 2010, Prince Alwaleed received at his office in Riyadh Mr. Pandit during his visit to Saudi Arabia and hosted a luncheon for Mr. Pandit at Kingdom Resort. Also in the same year, Prince Alwaleed was received by Mr. Pandit at Citigroup Headquarters in New York. Prince Alwaleed also met with Mr. Richard Parsons, Chairman of Citigroup.
Prince Alwaleed is a prominent investor in Citigroup through KHC since 1991 and is the largest single shareholder in the company. In January 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).