Citi sells stake to Abu Dhabi fund
Agencies
Published: November 27, 2007, 10:30
New York: Citigroup said late on Monday that the Abu Dhabi Investment Authority will invest $7.5 billion in the nation's largest bank, offering needed capital to offset big losses from mortgages and other investments.
The cash from the sovereign investment fund of the Gulf Arab state, which has been a beneficiary of this year's surge in oil prices, will be convertible into no more than 4.9 per cent of Citigroup Inc.'s equity. Citigroup characterised the investment as passive and said the fund will not be able to name any board members to the bank.
The Investment Authority would become one of Citi's largest shareholders.
See the whole story: http://www.gulfnews.com/business/Ban.../10170679.html
Bookmarks